Recap of 2024 Buyers, Sellers & the Real Estate Market

2024 was a very challenging year for real estate. The market was frozen, we had low inventory, high prices & high interest rates.

However, the 2^nd half of this year began to turn around, although slightly. We saw a little more inventory & interest rates began to loosen.

Where people were “locked” into their existing, low interest rates on the home that they owned, they now have life changes, like retirement, divorce, children being added to or leaving the family, job changes, all of which contribute to home inventory loosening, because people have to move.

Think about it. One year ago we had 8 percent mortgage interest rate. But why didn’t the rates go down when the federal reserve cut the rate?

Well, the Federal Reserve does not control mortgage rates. What was affected by their cut was the rates on your credit cards & the interest you pay, as well as the rates paid on your savings, on what you earn.

We anticipate mortgage interest rates declining slightly next year, maybe to 6 percent. Unfortunately, we also see home prices at the beginning of 2025 staying at the same level or increasing. If you’re considering a move, a purchase or an investment, now may be the time! Contact Karen Daugerdas, Coldwell Banker Real Estate Broker, Pricing Strategy Advisor, Short Sale/Foreclosure Resource, Accredited Buyers’ Representative & Seniors’ Real Estate Specialist for market information & a complimentary home evaluation at 847.494.1102.