Happy New Year!

We hope this issue finds you all staying warm and cozy in your homes during the chilly days we've had.  I have had a number of recent questions from friends and clients regarding the state of the market, so here goes: we have had a slower 2023 for our sellers due to the rise in interest rates, which caused suppression of buyers. Overall buyers coming to market decreased by about 30% year-on-year from 2022-2023. Because of this slower buyer market, we did take longer to sell homes for our clients in some cases, and we had a number of our buyers sitting on the sidelines hoping for better rates.  

Now that I've recapped 2023, here's what I know so far for 2024: after 18 months of suppressed desire to buy a home, and the fact that the interest rates have stayed stable for 8+ weeks, buyers are getting tired of waiting and they are returning to the market. We have seen this every week as our team of agents has been on the phones and on the ground talking with buyers daily. Our lenders are able to help make homes easier to buy with rate buy-down programs and buy-before-you sell programs which makes for lower payments, or a much easier transition from one home to the next. We can often also help our buyers pay less out of pocket with seller credits towards closing costs and other great perks that buyers haven't been able to ask for in years during hotter markets.

For our sellers, there is also good news in 2024: overall homebuilding has been too low to meet demand for well over a decade, which means that even with 30% fewer buyers last year, we still didn't have enough homes on the market to meet the buyer demand for those 70% that were still shopping, and that will only increase as more buyers come back to find a home in 2024.

For sellers this means it can still be a very good year to sell. And for our buyers--don't delay-shop today!! The sooner you get out there and start shopping for a home, the better chance you have to get the right home for you at the right price, with some seller paid perks--before all the rest of those delayed buyers return and start bidding.

I hope this helps clarify our market conditions and gives you some actionable items to take this year to make sure you are able to meet your real estate goals. Buyers- reach out to one of our esteemed lenders Eric Uhl or Devon Rowe to ensure you work on your loan qualifications, before you start shopping; sellers, reach out to your team agent to request a home evaluation, so we can find out what your home is worth and advise you on any repairs, long before you consider listing, so we can help you increase your bottom line, with a solid plan.

All our best in '24!

Heather Mansy & the Team