Inventory Tightens up Over the Holidays
Real estate has a seasonal trend. Each winter, we see a dramatic decrease in the number of new resale listings during the holiday season with the first of the year as the low point for unsold inventory. Additionally, a low number of new listings come on the market until we reach March, and the intensity for new listings going under contract will increase one to two levels of hotness starting at the beginning of the year.
Home Mortgage Interest Rates Are Lower than Last Month
As forecasted by economists, interest rates have lowered. When rates decrease, there is a positive affordability increase which attracts more home buyers into the market. This creates higher intensity for the new resale listings as the number of buyers in the market will outweigh the new inventory over the next several months especially in the more affordable and mid-price ranges.
Bottom Line
If you’re someone who believes home prices are going to fall, know that many experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you’re thinking of selling in 2024, or buying, there are ways to position yourself to get what you want. If you have any questions about this, or concerns about what’s next for home prices in our local area, let’s connect!