November Market Update:
November 2024
As I sat down to write this market update I wanted to see where we were a year ago. My market update last November was about how to get creative if you were looking to buy but didn’t see an option with interest rates nearing 8%. Remember that? We have definitely seen interest rates come down this year, but not as much as everyone had hoped. That being said, I have buyers locking in rates in the low 6’s and even in the 5’s with the purchase of points. But how is the market? Inventory is decreasing, which is normal at the end of the year and buyers are still slow to pull the trigger resulting in longer day on market, but deals are still out there and homes are still selling.
Now that the election is past us, we will see if history repeats itself with increased home prices and lower interest rates, which historically follow an election year. All in all, if you are looking to sell or buy, give me a call and let’s figure out the strategy that works best for you!
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