What’s going on in the Market? Q1 2024

Everyone is asking that very question. Here is the quick version!

Inventory is still low overall.
More homes are slowly becoming available, but not a flood of homes. No indication of a crash.
As of March 2024, with an applicant who has an 800 credit score, minimal debt, and adequate income, you’re looking ata 6.5% interest rate.
The average interest rate for a general consumer is around 6.9%.
Prices have mellowed out a bit. Some have come down, but not drastically.
Homes are sitting, and sellers are holding.
Rates are anticipated to drop into the 5s by many experts.
Condo fees are high due to the tragedy in Surfside and legislation from that.
Homeowner’s insurance rates are higher, driving condo fees higher.
If homes are priced right, they are selling.
More buyers are slowly entering the market as interest rates come down.

It’s better to start the process now while more people are off to the sidelines, because you won’t have to compete and overpay for a home that’s not worth it. The longer you wait, the less likely you are to find what you really want and be able to afford it. Just my friendly advice!

Call me to talk about buying or selling today!

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