Event Coverage
SILVAR Leadership and Region 9 Directors at C.A.R. Fall Business Meetings & REimagine! Conference
SILVAR Region 9 Chair Joanne Fraser leads the caucus meeting.
SILVAR leadership and Region 9 Directors are at Long Beach this week for the California Association of REALTORS® Fall Business Meetings and the annual C.A.R. REimagine! Conference & Expo. They are attending their assigned committee meetings daily and meet to caucus at the end of each day. They are also attending C.A.R. Board of Directors meetings. C.A.R. CEO John Sebree met with the directors at caucus yesterday.
Among the many highlights at the REimagine! Conference were broker/owners and industry leaders from across the state gathered to hear what's coming next in the industry and how it will impact their agents and businesses. C.A.R. 2022 president-elect, Jennifer Branchini, led a panel of veteran REALTORS® who have seen it all throughout different market shifts. They shared insights on how to keep your business resilient and encouraged attendees to stay focused on their action plans for buyers in every market. C.A.R. Vice President and Chief Economist Jordan Levine delivered the C.A.R. 2023 Forecast.
C.A.R. projects a dip in the U.S. gross domestic product of 0.5 percent in 2023, after a projected uptick of 0.9 percent in 2022. The state's unemployment rate will edge up to 4.7 percent in 2023 from 2022's projected rate of 4.4 percent.
Stubbornly high inflation and growing economic concerns will keep the average for 30-year, fixed mortgage interest rates elevated at 6.6 percent in 2023, up from 5.2 percent in 2022 and from 3.0 percent in 2021 but will remain relatively low by historical standards.
"As the housing market continues to cool, the U.S. economy will moderate further and is expected to slip into a mild recession in the first half of next year," said Levine. "High inflationary pressures will keep mortgage rates elevated, which will reduce buying power and depress housing affordability for prospective buyers in the upcoming year. As such, housing demand and home prices will soften throughout 2023."
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.