Preparing for 2024: Key factors influencing the real estate market.

As we delve into the holiday season, many of us in the real estate community are wondering what 2024 might bring to the market. While I don't have a crystal ball (mine broke years ago!), I do rely on data points and trends to make educated guesses.

Inventory and Interest Rates

In our recent market updates, we've seen inventory slowly increasing. Many homeowners are preparing to list their properties post-holiday season. Another crucial factor to watch is the interest rates. They have shown signs of stabilizing, and there's talk of potential rate reductions in 2024. If rates do go down, we could see a spike in demand, possibly leading to a hectic market with multiple offers, especially with the limited inventory.

“If moving – whether selling or buying – is right for you now, it's still a good time to act.”

Presidential Election Cycle Impact

2024 will also be marked by the presidential election. This is the fifth election cycle I’ve seen as an agent. Historically, markets tend to cool down in election years, largely due to uncertainties. As of now, there's a significant unknown in the political landscape, especially regarding the Republican candidate. Such uncertainty often leads people to delay major decisions like buying or selling a home.

Despite these uncertainties, the adage in real estate remains true: "Don't wait to buy real estate; buy real estate and wait." If moving – whether selling or buying – is right for you now, it's still a good time to act. Please feel free to reach out if you're considering a real estate move in the near future. Let's navigate these interesting times together and make the best decisions for your situation.