The year is off to a strong start as mortgage interest rates falling has spurred buyers and sellers to weigh their options and start looking at making moves.

All signs point to 2024 being the year that the market accepts the new normal for interest rates and would-be buyers and sellers move off the fence. While there should be more homes to choose from, though, don’t expect low inventory to be solved. That’s a chronic issue.

That probably means the return of bidding wars and rising home prices as demand continues to outpace supply.

2024 is the year real estate reignites, so hold onto your hats!

-Jessica

Happy Thanksgiving! I’d like to take this opportunity to say that I am extremely grateful to each of you for placing your trust in me as your Realtor, for referring your friends, family, colleagues and neighbors to me, for supporting my business in big and small ways, for reading this monthly market update, and just for being you. I hope that you have an amazing holiday and are able to spend time with loved ones simply relaxing and being together.

Typically real estate at this time of year levels off and is relatively slow, but there have been some interesting shifts lately that are heating up the market. Reach out to me anytime if you’d like to discuss further!

-Jessica

It all begins Home prices have remained nearly level month-over-month from June to July. While prices saw a substantial correction in the wake of the Fed’s campaign to reduce inflation by raising interest rates beginning in the Spring of last year, today prices in some areas have recovered and are hovering near their all-time highs while others are still sluggish In mid-July, the average mortgage rate spiked to 6.96% and has since increased to 7.09%, the highest average mortgage rate on record in the last 20 years.with an idea.

It all begins Home prices have remained nearly level month-over-month from June to July. While prices saw a substantial correction in the wake of the Fed’s campaign to reduce inflation by raising interest rates beginning in the Spring of last year, today prices in some areas have recovered and are hovering near their all-time highs while others are still sluggish In mid-July, the average mortgage rate spiked to 6.96% and has since increased to 7.09%, the highest average mortgage rate on record in the last 20 years.with an idea.