October 2023 Housing Market

Buyers Now Is Your Time, Sellers Get Ready

Yes, interest rates are high. As a result many buyers have given up on their home search. Buyers that is great news, it means there is currently significantly less competition.  Coupled with the fact that the fall months are historically the best time to get a deal on a home, now is the time to buy! While still a strong seller’s market we are seeing home prices starting to decline. Come 2024, getting a home will become more difficult, especially when rates continue to decline* enticing the competition to return.

Sellers, get your homes ready for the New Year. The best time to list a home that may be a little older or need a bit of TLC is in January or February since you’ll be the only game in town. For renovated homes or those that stand out, spring market (and when rates finally decline) is when you will have the largest number of buyers looking. Unfortunately, it's also when you will have the most competition as a seller. Remember it's all about timing the market since you want a larger buyer pool but at the end of the day, scarcity, is what drives the concept of supply and demand (and elevates home prices). Exactly when you list will be impacted by whether you also need to buy in the area or not.