Dear Olivia,
It seems like the real estate market has really slowed down. Is that what we should expect in 2024, too?
Sincerely,
Wondering About Real Estate
Well, 2023 was certainly a wild ride for the real estate market here and around the country. BUT…what did not happen is a housing crash (as a lot of experts predicted). I’ll take a wild ride over a crash any day!
So, what does that mean for 2024? Will it be a boom? Will the market be balanced? Or should we expect a total bust?
This market doesn’t make much sense, and I’ll be the first to tell you there are NO crystal balls. Just like every year, though, this time of year traditionally brings a slowdown in housing activity due to colder weather, recovery from holiday plans, and decreased buyer interest. This year, we’ve experienced some unique challenges, too, like high interest rates that have continued to impact the market.
It’s no secret that interest rates are the highest they’ve been in years, but does that mean you shouldn’t buy a home? No…it doesn’t. New markets bring new challenges, and a great team can help you navigate the ups and downs. There are alternative options and creative financing to help. Ask me if you’re interested!
I am seeing homes sit longer in some neighborhoods, but compared to years past, I’d say our market has low-to-balanced inventory. Expect more of the same this year.
The market is fickle, and while it’s slower at times, we are still seeing multiple offer situations now and then for market-ready homes that are properly priced. This market is different from what we’ve been used to, but I love a good challenge and am ready to work for you!
As we look ahead to 2024, there’s no doubt that the housing market will continue to evolve. While no one knows for sure what will happen with the market, one thing you can rely on is this: I remain committed to providing you with the most up-to-date information and expert guidance to help you make informed decisions about your real estate goals!
~Olivia