Published March 29, 2024
Your Q1 2024 Housing Market Update
What you need to know about the latest trends in our market.
What’s going on in our real estate market? I probably receive questions about the state of our market more than anything else. That’s why today, I’m breaking down some of the most important housing market trends from Q1 of 2024:
1. The pace of our market is normalizing. In 2021, putting a house on the market often led to multiple offers and quick sales, regardless of condition or reasonable pricing. However, there has been a noticeable shift from a red-hot seller's market to a more lukewarm pace. While there's still a shortage of houses, you’ll need to put in a little work if you want top dollar for your home.
"You can still get a great deal; you just might need to put in a little work."
2. Buyers are paying extra for homes in top condition. Buyers are now, more than ever, willing to pay a premium for homes in top condition. Properties in pristine shape command top dollar, while those needing work struggle to attract interest and offers. This trend emphasizes the importance of programs like ours, such as our HELP program, which assists sellers in preparing their homes for sale.
3. Buyers are pickier. Over the past 90 days, I've observed buyers becoming increasingly fickle about committing to a purchase. Many seem to get cold feet after initially showing interest, backing out of deals or expressing buyer's remorse. This wavering commitment has made closing transactions more challenging than before.
The bottom line is that if you’re thinking about moving this spring, you should talk to us. We can walk you through what’s going on in the market and how your situation fits into it. Just give us a call or send us an email to start a conversation; we look forward to hearing from you!
