Finally, a Buyer’s Market!

10/19/2024

A couple months ago we alerted all to a noticeable slowdown in our real estate market. Today, we can tell you that the market has done a near 180° from where it has been over the last few years. It has gotten very quiet! (See below: Residential Trends). Multiple offers still exist for some well-priced homes, but more commonly we see price reductions and decent properties sitting on the market. This feels like an overnight change. We can’t help but wonder if everyone is waiting to make buying decisions until after the election?

Sellers: Do not fear! Properties at all price points are still selling. Remember that you will fare best to hire an experienced agent and set a reasonable list price. If prices are going to continue to soften, you might not want to wait much longer.

Buyers: If you have been on the fence, your time is now! We cannot count on interest rates coming down significantly in the foreseeable future. If you need a house and plan to hold it for at least three years, there is no time like the present.