Real Estate Blog

I host a lot of open houses every year.  A lot. Well over 150 of them.  It really helps me as a real estate agent to both physically see the array of home inventory out there, all the price points AND ... the best part ... engage with buyers.  It's a great way for me to gauge the pulse of the current market or to understand what kind of a market it's going to be.  

That's what I'm getting right now from buyers - info on what kind of market this spring and 2025 is going to be.

Here's my read:  buyers have been on the sidelines (more than usual) in the past 18 months, from the end of 2023 througout 2024.  The biggest issues of home pricing and interest rates have just been in limbo for everyone.  Where are those two going?  Will rates finally come back down?  Will prices give way.  So far, that answer to both has been NO.  

Home pricing went up on average just under 4% in the 7-county metro area in 2024.  Interest rates bounced up and down but are currently between 6.4% and 7%, not really much change since the beginning of 2024.
Click to see today's rates:  https://bit.ly/3BUjeTU

So 18 months have passed with no relief in either prices or rates.  What's happening with buyers is that they're unable to continue waiting and are deciding that it's time to get back in the game.  I'm seeing that change in energy in every one of my open houses.

Buyers
If you're out looking at homes now and you find something you like, you still have time to make an offer, maybe get a deal for less than the asking price, and not have to compete with another buyer in the process.  Once we get into mid-Frebruary, the Spring market will start in earnest and - if I'm right about buyers being more serious now - competition will get much tougher.  If you're thinking of buying, I can help you navigate the market and craft an offer that matches where the market is - either to get a deal or to best compete with other offers.

Sellers
You're still in the driver's seat.  There is not enough inventory on the market to satisfy demand and, to make things worse, a good portion of the inventory that's out there has a lot of deferred maintenance or is in need of some serious updating.  If you're thinking of selling, I can help you present your home in a way that attracts buyers and gets your home sold for what it's worth.

If you're buying or selling this year, give me a call and let's talk about what you want to accomplish next!

Mitch
612-516-4323