Welcome to 2024! Let’s Talk Real Estate! What do you think will happen this year? Where will the market go? Well, if 2023’s year in real estate was marked by volatility, the market in 2024 might be marked by cautious optimism with a surge in activity based on the lending environment in the spring.
I want to keep you updated on some of the trends we’re seeing — some of which will impact the options available to your clients when deciding whether to sell their house or refinance for a divorce equity buyout. Note: The following are national trends. Below that are local metrics I’ve put together so you can gauge the climate of our local market.
Local Trend in Prices:
Currently, in our market we are seeing a Flattening trend where some areas are seeing a slight increase and others are seeing a slight decrease. When leveled out it's a flattening market throughout our area.
Pricing Note: House values can fluctuate through the seasons. Spring is a different market than the fall; mid-summer looks much different from the end of the year. So in order to get an accurate reading as to whether or not prices have fallen or risen, we use the “year over year” barometer.
Local Days on Market:
Days on Market (“DOM”) Note: This metric tells us how long it takes for homes to sell. This number is largely driven by supply and demand. An uptick in interest rates can cause DOM to increase; a drop in unemployment can cause DOM to decrease. All sorts of economic factors can affect this number, and ultimately, DOM affects pricing. When there are low days on market, prices go up; when DOM increase, prices go down.
Market conditions are constantly fluctuating. Values that exceed 90 days are likely no longer relevant. If you’d like an updated valuation, feel free to give me a call directly at 469-656-8150 or email me at this address.
Whether you are a First Time Home Buyer, First Time Investor, Seasoned Seller, Seasoned Investor or just need some Real Estate assistance, Megan is committed to helping in any way she can.Let's Connect