One of the biggest pushes for the real estate market on New Year's Day 2024
One of the biggest catalysts for the real estate market in the new year.
The markets cheered the news that the Federal Reserve kept interest rates unchanged and opened the door for three possible interest rate hikes in the new year.
"Additional rate hikes no longer seem to be part of the discussion. Now it's all about the pace of decline," said Mortgage Bankers Association chief economist Mike Fratantoni, as quoted by HousingWire.com.
This is all great news for real estate companies such as La Rosa Holdings (NASDAQ: LRHC), eXp World Holdings (NASDAQ: EXPI), CBRE Group (NYSE: CBRE), FRP Holdings (NASDAQ: FRPH) and Realty Income (NYSE: O).
"This is good news for the housing and mortgage markets. We expect this money market policy should support further declines in mortgage rates, in time for the spring housing market. We forecast moderate growth in new and existing home sales in 2024, which will drive up mortgage purchases, due to extremely low levels in 2023," added Fratantoni, chief economist.
When rates begin to fall, it could lead to significant savings for homeowners and those considering refinancing.
La Rosa Holdings Corp. (NASDAQ: LRHC) grows through acquisitions
La Rosa Holdings Corp. a holding company for five technology- and cloud-based real estateagency segments, today announced that it has acquired a 100% interest in La Rosa Realty CW Properties, LLC, based in Longwood, Florida. CW Properties earned $3.4 million in profit and positive net income in 2022. Franchisee provides real estate brokerage services for residential and commercial properties. It also provides coaching and support services to agents for a fee.
Joe La Rosa, CEO, commented, "We continue to pursue our planned franchisee acquisition strategy as this is the third franchisee acquisition this year for our real estate brokerage.
"Our goal is to achieve annualized revenues of $100 million by the end of 2024. Although we operated at a profit prior to our IPO in 2021, we believe our projected revenue growth will ensure our return to profitability in 2024, even after accounting for new costs and overhead associated with our status as a public company. In our opinion, the fact that both our revenue and profits continue to grow despite the current market sets us apart from most other brokerage firms in the industry, a testament to the strength and scalability of our business model. We look forward to updates regarding our other planned acquisitions in the near future. "
Other related market events
The eXp World Holdings company announced the expansion of its luxury real estate program, eXp Luxury, across multiple countries.
The CBRE Group announced the appointment of Chief Executive Officer Robert Sulent as Chairman of the Board of Directors.
FRP Holdings Inc. reported an increase in net income for the third quarter of 2023.
Realty Income announced an increase in the monthly dividend on its stock.
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