October 2024

Central Ohio Real Estate Report – Fed Slashes Rates, Jobs Throw a Counter

On Wednesday, September 18th, the Federal Reserve made headlines by lowering the fed funds rate by a significant 0.5%, bringing it down to around 4.9%. During the announcement, Fed Chair Jerome Powell expressed confidence in inflation trends moving closer to the 2% target but emphasized the need to prevent further softening in the job market.

The fed funds rate, which impacts how banks lend to each other, also heavily influences consumer borrowing and savings rates. Mortgage rates, however, are more directly linked to Treasury yields and broader economic conditions.

As shown in the graph below, the market had already anticipated the rate cut, with mortgage rates dropping to 5.99% the week of September 9th.

In counter, the economy displayed significant strength on Friday with the release of the September non-farm payrolls report, which showed a robust increase of 254,000 jobs—far above the expected 132,500 and the 159,000 from August. Unemployment now stands at 4.05%, the strongest reading since March.  Mortgage rates spiked back to 6.375% on the news.

Before the jobs report, futures markets predicted a 50/50 chance of another 0.5% rate cut in November. After the report, those odds fell to just 10%.

As consumers, many of us try to time the market, waiting for the “perfect” moment. However, the data above shows just how unpredictable the market can be. Waiting on the sidelines can lead to missed opportunities, as property values continue to rise and the benefits of homeownership—like equity growth and tax advantages—go unrealized.

Most experts expect mortgage rates to remain in the 6% to 6.5% range for the foreseeable future.

Community Spotlight - A Day with Kindway: A Life-Changing Experience

Last month, we had the privilege of joining a group of Columbus business leaders for a visit to the Marion Correctional Institution to learn about Kindway’s EMBARK program. What an incredible experience it was!

Although many of the inmates don’t know when they’ll be released, the hope and joy we witnessed in the prison chapel was truly inspiring—more than you often see outside in everyday life. If nothing else, this experience leaves you with a profoundly different perspective than when you arrived.

If you would like to learn more about Kindway, visit: Kindway

From their website, Kindway’s mission is to “Invest in the lives of those impacted by incarceration” with a vision of “Empowering People, Restoring Hope, and Honoring God”. 

EMBARK, Kindway’s flagship reentry program prepares and supports select participants to navigate their journey from incarceration to independence. EMBARK’S unique approach provides evidence-based programming prior to their release and critical support as they transition to the Central Ohio community.

Why Fall is the Perfect Time to Sell Your Home.

As the leaves turn vibrant shades of red and gold, you might be wondering if fall is the right time to sell your home. The answer is a resounding yes! Here’s why selling in the fall can be a smart move:

First, there’s less competition. While many sellers hold off until spring, hoping to tap into the busy season, that leads to an overcrowded market. In fall, the quieter real estate scene gives your home a better chance to stand out and catch the eye of serious buyers.

Second, fall’s cozy atmosphere works in your favor. The season's natural beauty creates a stunning backdrop for property photos, and staging your home with warm, inviting autumnal touches—think cinnamon scents and pumpkin-spiced décor—adds to its charm. Plus, cooler temperatures make house hunting more enjoyable, encouraging more buyers to attend open houses and viewings.

Lastly, the fall market tends to be more efficient. With fewer homes listed, the process is smoother and less rushed. Real estate agents, lenders, and appraisers have lighter workloads, allowing for faster transactions and more personalized service.

Ready to make the most of this season? Contact me today if you’re thinking of selling this fall!

Sustainable Air Travel Takes Flight with HAV's Airlander 10

Source: Hybrid Air Vehicles (HAV)

British company Hybrid Air Vehicles (HAV) is pioneering the future of sustainable air travel, aiming to decarbonize one of the world's most polluting industries. Their latest innovation, the Airlander 10, is a prototype airship capable of traveling 460 miles using a combination of electricity and combustion. HAV claims that this hybrid design could reduce carbon dioxide emissions per passenger by up to 75%. The company is targeting 2025 to launch a fleet of these airships for short-haul routes.

Some of the initial routes under consideration include flights between Vancouver and Seattle, England and Northern Ireland, and Barcelona to Spain’s Balearic Islands. By 2030, HAV plans to transition to fully electric airships, eliminating combustion and achieving zero-emissions air travel.

Following six successful test flights, the Airlander 10 has received certification to fly in the UK, and HAV expects to have three airships ready for service by 2025, with plans to produce 10 more per year.

As the urgency of the climate crisis grows, this breakthrough offers a hopeful glimpse into the future of sustainable aviation.

What's Happening in Your Neighborhood?

Wondering how much your home is worth or what homes in your neighborhood are selling for? These are important questions to consider when thinking about buying or selling.

Whether you're interested in local price trends, deciding if now is the right time to sell, or just need expert advice, we’re here to provide the tools and guidance to navigate the entire process smoothly.

Reach out to us today for personalized assistance:

revampedhomegroup.com
myteam@revampedhomegroup
Toni: 614-352-0416
Brian: 614-219-9006

Recipe of the Month: Grape and Goat Cheese Stuffed Sweet Potato

Serves 4

Ingredients:

4 sweet potatoes
2 cups seedless red grapes
1 teaspoon grapeseed oil
1/4 teaspoon salt
1/4 teaspoon pepper
4 ounces goat cheese
Pinch of cinnamon and nutmeg
2 tablespoons honey + extra for drizzling

Preheat oven to 425˚F. Line baking sheet with parchment paper. With a fork, poke holes in sweet potatoes. Bake until tender, 45-50 minutes. Split the tops open. Let cool.

Raise oven temperature to 450˚F. Lay grapes on baking sheet, add oil, a pinch of salt and pepper and toss to coat. Roast until grapes begin to burst, 20-25 minutes. Remove from oven. Let cool.

When sweet potatoes are cool enough to handle, scoop out flesh with spoon, keeping potato intact. In large bowl, mash sweet potato flesh, 3 ounces goat cheese, cinnamon, nutmeg, salt, pepper and honey. Scoop flesh back into potato skins. Warm up potatoes if needed, then top with remaining goat cheese. Add grapes, drizzle with honey and serve.