The last few years have been an interesting story when it comes to the housing market. With large increases in values, shorter duration on market, lower inventory and the FED changing things on a regular basis it's left a lot of us wondering what the future will bring. The big question is how do we know what the future will bring?
None of us have a crystal ball to know the future in the housing market but we do have the past. So we look to the past for an indication of where things are going. Some are saying that 2024 will be the year of the 5's...5 million homes sold in the US and rates in the 5% range. After posting this video and prior to writing this blog post I caught word that the Consumer Price Index came out this morning at 8:30am. According to the experts, this news will postpone the rate reductions that the FED is planning on implementing in 2024. The rate drops might not start until the 3rd quarter of 2024 instead of spring like some were hoping for.
But...for our local housing market we are still seeing an increase in value. For you homeowners thats good news. For those of you working hard to become homeowners...not as good. Month over month we are seeing more new listings coming on the market but thats less compared to last year. While at the same time...month over month, less listings are staying on the market, year over year there are more...
Again...we don't know what will happen. If you have specific questions about the market I'm here to help...until then, take care.