The first month of 2024 is in the rear view mirror! This January brought us what most Januarys bring us: more inventory. Fewer folks list their homes during the holidays and many make a New Year’s Resolution to sell their second home, investment property or finally make the move in the real estate market. What is special about January 2024 is that it continued the trend of more homes being put on the market. In 2022, 449 new listings were added in January followed by 493 in January 2023 and last month 664 new listings were added. That’s more than a 1/3 more listings than last January! That’s a lot of new years resolutions!
When thinking about the market, I encourage you to always think of supply and demand. With more homes being added, our supply is creeping up. As of yesterday, the Federal Reserve confirmed they were not lowering interest rates in the near future. This has created an interesting situation where we have more supply, and two kinds of buyers. Buyers who are on the fence about waiting for interest rates to come down and buyers purchasing now while there’s a few more options with less competition. My advice: it all depends on your situation. We’d love to learn more about your goals and help you make the best decision for you and your family. We’re here to help!