2024 home sales have continued to outperform the number of sales by month in 2023.
The latest interest rate reduction of .50% has helped to generate more optimism, although in speaking with home buyers, they are waiting for further drops in the rates.
This can be an issue. The number of homes available is up over last year, but housing starts are still very low.
The current market is balanced and homes are selling on average around 98% of the list price.
If you are buying, get pre-approved now, find your home, and take a longer closing if possible, so if rates go down, you will get the lower rate. This way you avoid the possible issue of competing with more buyers if the rates go down again, and the number of available homes remain at today's levels, or less. This would create competition and drive home prices higher, negating any gain made by a lower interest rate.
Want more information, do not hesitate to ask! I am happy to help.
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