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Happy Tuesday!

Check out this week's Top New Multifamily Listings, last weeks Sold Listings, and our Multifamily Market Snapshot and News Headlines.

If you have any questions about buying or selling multifamily property in Utah, you can schedule a brief strategy call with me here.

Happy Investing,

David Robinson

💰 Sold Multifamily Listings Last Week

Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer. Interested in your property's value? Request a complimentary broker's opinion of value.

What is Your Property Worth? Request a Free Valuation.

FREE BROKERS VALUATION

🔥 New Multifamily Listings

Our team has analyzed these deals using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below. If you’d like to learn how we help clients find and acquire off-market multifamily, click here.

Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

Request More Detail About Any of the Above Properties

📊 Utah Market Snapshot

📰 Top News, Reports & Insights

> Big Drop in Mortgage Rates As Unemployment Hints At Recession

Summary: After breaching 8% in mid-October, 30-year fixed mortgage rates have plummeted to levels not seen since September as more investors expect Fed policymakers to lower rates in the spring.

Key Takeaways:

• Declining Mortgage Rates: Following the Federal Reserve's decision not to increase rates and the subsequent release of a concerning unemployment report, both Treasury yields and mortgage rates have seen significant declines. Mortgage rates, in particular, have plummeted from a high of 8.03% earlier in October to approximately 7.36% by the end of the month.

• Unemployment Concerns: The unemployment rate, currently at 3.9%, has been gradually increasing due to the labor force expanding more rapidly than job creation. If this trend persists and the unemployment rate surpasses 4%, it could invoke the Sahm Rule, historically an indicator of an impending recession.

• Federal Reserve's Stance: Based on current jobs data and market reactions, the chances of the Federal Reserve hiking rates in their upcoming December meeting appear slim. Futures markets anticipate a potential reduction in rates by spring, with a significant number of investors predicting a drop between 25 to 50 basis points by May 1.

Source: Inman.com

> What the 2024 Federal Reserve Rate Cutting Cycle Might Look Like

Summary: The article delves into the choppy waters of the 2024 rate-cutting scene. While there's a whirlwind of economic stats thrown at us, what's really catching attention is the recent job market report that's not living up to expectations. The piece gives us three potential playbooks for the Federal Reserve's moves in 2024, suggesting anything from a single rate nip to a deeper dive, all depending on the economy's pulse.

Main Takeaways:

• Job Report's Unexpected Twists: The latest job figures weren't quite the fireworks we hoped for. Plus, there's some eyebrow-raising around the way jobs from new or closing businesses are being estimated.

• 2024's Rate Cut Roulette: Three possible scenarios are on the table - a single cut as we wrap up the year, a hesitant start followed by a rapid series of cuts, or a dance with the rate tunes of core inflation.

• A Few Economic Storm Clouds: Some key stats, like the AIA/Deltek Architecture Billings Index and the Atlanta Fed's forecasts, are hinting that our economic boat might hit some choppy waves soon, maybe even a storm. Let's keep those lifejackets handy!

Source: Pensford.com

> $1.8B Lawsuit Result To Fundamentally Change How Broker/Agent Commissions Are Paid

Summary: The National Association of Realtors, along with two brokerage firms, Keller Williams and HomeServices of America, have been ordered by a federal jury to pay $1.8 billion in damages to approximately 500,000 home sellers. This verdict comes as a result of the accusation that these entities conspired to inflate commissions paid to real estate agents. This decision has the potential to overhaul the home buying process in the U.S., possibly leading to a reconfiguration of the entire real estate industry. The main contention revolved around a National Association of Realtors rule, which mandates that home sellers pay commissions to the buyer's agent. This system was viewed by the plaintiffs as forcing them to pay unduly high fees. Though the National Association of Realtors intends to appeal, the size of the damages suggests that significant changes in agent commission structures are on the horizon.

Key Takeaways:

• The National Association of Realtors and two major brokerage firms have been ordered to pay $1.8 billion in damages for conspiring to inflate real estate commissions.

• The lawsuit could radically alter the U.S. homebuying process, with the potential to reshape the entire real estate industry, particularly the commission structures.

• While the current damages stand at $1.8 billion, the court has the option to issue treble damages, which could increase the amount to $5 billion. The National Association of Realtors has indicated its intent to appeal.

Source: ksl.com

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