01/25/2025
Reports came out yesterday with the headline that existing home sales in 2024 reached a new record low compared to years since 1995. The reasons stated include high mortgage interest rates and higher home prices, i.e., housing has gotten unaffordable.
What seemed to get missed is the overall inflationary environment that has existed over the past four years. Everything is less affordable. In relation to home buying, both taxes and insurance costs have drastically increased.
Spring is arriving soon and there will likely be an increase to the inventory of homes on the market. Economists are predicting interest rates holding steady or fluctuating slightly lower. Now is the time to formulate a sales plan if you have a need to sell your home. Buyers, the competition will be fierce for "starter" homes, but there are actions you can take to strengthen your buyer qualifications and offers you make.
Call us for our home seller and home buyer guides. For sellers, we offer a listing agreement tied to the Average Days on Market for existing inventory in your neighborhood.
