Time for the Fall real estate market update!
As we navigate the fall real estate market, let's take a look at the numbers:
Listing are up, but still below the levels we typically saw before 2020. Inventory of homes for sale is at 120 days or 4 months. For comparison to historical norms and markets:
Let's look at some factors influencing the market in the fall season of 2024. Obviously rates and inventory have impact but what makes it unique is the election year.
Short term we will see less transactions as many people want to see what happens with the election first. However, in 9 of the last 11 years following the elections the number of transactions has increased. More buyer traffic and prices also rose.
Now lets look rates have already begun to effect the market in September: the lower rates caused many to list there home demonstrating there is a pent up demand to move.
Do rates really move the needle, causing people to take action? YES as seen above AND as seen in these survey results:
So if they are waiting for rates to be under 6, when do we expect that change according to the experts?
So know all this we return to the question, is it time to buy, sell or wait?
BUYERS: Buyers have to consider the ramifications of the factors above.
Buy NOW if you can because we currently have more inventory and seller are a bit more fleixible with prices and concessions... all of which will save you money.
WAIT to buy if you need the interest rates to come down in order to qualify or get to a payment that works BUT expect much more competition when those rates arrive as many buyers are doing the same.
Be Prepared either way! Whether you plan to buy soon or to wait for the 1st of the year get prepared NOW by getting prequalified and talking to your agent to create a plan.
SELLERS: Considering the above factors...
Sell NOW if you are ready to be aggressive on price/concessions, price it right from the start and there is a good chance of getting it sold. PLUS if you are purchasing another home there are good options now and you will likely save on the purchase.
WAIT to sell if you are needing to get top dollar above all else. The traffic is down through the fall, election and holidays. Come 1st quarter of 2025 with rates projected down we expect to see many more buyers in the market 52% of buyers would be motivated if rate projections are correct.
Be PREPARED! Your situation is unique, reach out to us to talk about your goals and your individual factors that are important so we can craft a plan to reach your goals.
