How will the first quarter of the new year shake out when it comes to rates and prices? We may be in the thick of cold winter months but many buyers are already having warm thoughts about the market. With a recent decline in rates we have seen another uptick in activity!
We are having lots of conversations with homeowners right now to get them prepared for the 2024 selling season. Some sellers opt to wait until the warmer months (April/May) to list their homes but many are looking to beat the larger influx of inventory by putting their home on the market while inventory is low. The expectation is that by mid February we will see more properties pop up to attract buyers taking advantage of the lower rates.
BOTTOM LINE: Appreciation values are also expected to end up around 4 to 5 percent this year which is an increase over a normal appreciation value of 3.6%. We have turned a corner with rates falling, and inflation coming down, so this will continue to level out the playing field for buyers and sellers.