The holiday season is just around the corner, and believe it or not, it’s one of my favorite times of the year for home buyers! With the recent election now behind us, I’m already hearing renewed interest from clients. Here’s what to expect, whether you’re buying or selling, as we close out 2024 and move into the new year.
How Will the Election Impact the Market?
Many buyers and sellers were waiting to see how the election might impact the housing market. Now that it’s over, I expect to see a bump in activity as people feel more confident moving forward. This is what I’m keeping a close eye on:
– Interest Rates & Inflation: Rates have been climbing, currently sitting just under 7%. Moving into next year, inflation data and new policies will likely be key drivers in rate shifts, which directly impacts affordability and how fast (or slow) the market moves.
– Election Aftermath: With the election results in hand, both buyers and sellers may feel more comfortable making big decisions before the end of the year.
For Buyers: November and December Are Prime Times to Buy
These last months of the year are a unique window for deal-seeking buyers. With many sellers looking to close before January, there’s often more room for negotiation. Here’s a snapshot of the favorable market conditions buyers uncovered in October:
– Half of homes (50.6%) sold below asking price.
– Seller concessions were included in 61.6% of sales, with sellers offering an average of $11,000 to primarily help buyers bring down their interest rates.
– A slower pace, with roughly 73% of homes taking more than 7 days to receive an offer, giving buyers time to weigh options.
If you’re considering buying, this season could be a great time to make your move before the competitive spring market rolls around.
With smart, strategic updates, 6076 S Sycamore Street made a splash on the market—going under contract for a stunning $110k over asking!
With smart, strategic updates, 6076 S Sycamore Street made a splash on the market—going under contract for a stunning $110k over asking!
For Sellers: Now’s the Time to Prep for Spring
The spring market is traditionally the busiest selling season and when homes sell for max price. If you’re aiming to list in Q1 or Q2 of 2025, it’s smart to start preparing your home now to ensure it stands out. The secret? Often, it’s not major renovations but small, strategic updates that make a difference.
Let me share a quick success story:
One of my sellers, ready for her next chapter after nearly 50 years in her home, followed my recommendation to focus on key improvements. We repainted in neutral tones, refinished the hardwood floors, and added a wall to create an extra bedroom. The kitchen and bath were due for a remodel, too, but I felt that those projects were too involved and costly to take on and advised against making bigger updates. After just three weeks of work, here’s what happened when we went live on the market:
– Over 100 showings in five days.
– 7 offers, with the final sale going $110K over asking — even in today’s market!
The takeaway for sellers? Investing in targeted updates and thoughtful staging can maximize your home’s appeal and value. By carefully selecting updates and pricing competitively, combined with high-level marketing, we can set you up for success this spring. See all the after photos here.
If you’re looking to buy, sell, or just want to understand the market better, please reach out by replying to this email or booking a call at this link! I’m here to help you make the most of this market—no matter the season.