Real Estate Blog

A Quick October Update

As the weather cools down, so does the real estate market. However, comparing this past September to the one in 2023 shows sales are up by an impressive 31%. This increase is largely due to the current interest rate environment. While rates haven’t dropped enough to fully stimulate the market, home buyers are beginning to feel a sense of relief.

In the coming months, interest rates are expected to fall further. Additionally, new government initiatives aim to make housing more accessible. As of December 15th, first-time home buyers will be eligible for a 30-year mortgage. A longer mortgage term combined with lower interest rates significantly improves affordability. Furthermore, the cap on insured mortgages has increased from $1M to $1.5M, meaning buyers no longer need a 20% down payment for purchases within that range. This may re-energize a segment of the market that has been quieter lately.

Currently, we have more homes for sale than at any point since August 2020. However, the market remains tilted slightly toward sellers, though it’s nearing a balanced state. Buyers now enjoy more options, but sellers are still obtaining 100% of their asking price on average. Not bad!

Spring Surge

If interest rates continue to drop as predicted, the spring market is likely to heat up. Buyers who’ve been sidelined for years by rising rates will likely be eager to re-enter the market. The key question is whether they’ll all act simultaneously and if there will be enough inventory to meet the demand.

Are You Thinking of Selling?

Selling a home is more about crafting a strategy than making a quick decision. If you're ready to sell now, you’ll likely achieve your asking price, which is 3% higher than this time last year. If you're planning to sell in the New Year, now is the time to start preparing. I specialize in maximizing your home's value while simplifying your move with expert advice and a trusted network of professionals.

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