Get the latest insights on the ever-changing real estate market.
Over the past few months, the real estate market has experienced significant changes, and it’s crucial to stay informed as we transition out of the summer season.
Interest Rates: Interest rates have been a hot topic in the real estate world. Currently hovering around 7%, they are at their highest point in the last two decades. While there are expectations that rates may decrease next year, the timeline remains uncertain. If you find your dream home, don’t let interest rates deter you. Buy now and consider refinancing when rates become more favorable.
Number of homes sold. The number of homes sold has dropped by 25% compared to the previous year. This decline is due to the limited inventory available, especially with many homeowners holding onto low-interest-rate mortgages.
Homes for sale. There are 17% fewer homes available for sale, contributing to the low inventory problem. This shortage is partly driven by homeowners hesitating to move from their low-rate mortgages to higher interest rates.
“Whether you’re buying or selling, being prepared is essential in today’s market.”
Average days on market. Homes continue to sell rapidly, with an average of fewer than 30 days on the market. Well-priced homes often receive multiple offers and sell quickly.
Home prices. Despite the challenges, home prices have increased by 6% compared to the previous year, reflecting ongoing demand.
What does all this mean for you? While there may be opportunities for buyers due to the changing market dynamics, home prices are expected to maintain their upward trend, albeit with a potential slowing of appreciation in the coming year.
Whether you’re buying or selling, being prepared is essential in today’s market. We’ve noticed an increasing number of consultations from individuals planning their real estate moves in the next 12 to 24 months. If you have questions or need guidance related to real estate, don’t hesitate to reach out. We’re here to assist you in making informed decisions in this ever-changing real estate landscape.
