Spring Market 2024 Basics
Hello, spring 2024! I feel like we’ve met before, back in 2023, and 2022…
A bit of a broken record here, but the situation remains the same as we’ve seen in previous years. Low inventory, lots of buyers, interest rate wildcards… read on for a snapshot of where we’re at today!
The CONTEXT - Interest rates are hovering in and around 5%, with projections of potential small drops mid-year. Spring has sprung early on the market this year, with homes already selling at or above market price in multiple offer situations. A seller’s market continues as inventory/supply of homes on the market remains very low, and demand/number of buyers for these homes remains very high.
The PLAN - If you’re among the sellers these days, it’s not full-on easy street. Maximizing your home’s value requires time and effort, even when homes are flying off the shelf.
If you’re an active buyer, you will only be effective in this market if you’ve taken the time to get yourself fully prepared to make a successful offer and purchase, and have realistic expectations of what is available and how to get your hands on it.
The STRATEGY - If selling, take the time to make minor repairs, stage your home well so it gives off a warm and inviting vibe, price it accurately, and be sure you’ve discussed all angles of a sale with your agent so you have realistic expectations for what will be coming your way.
If buying, you need to make sure your preapproval is FULLY complete, that your needs/wants are clear, that your conditions are thought out beforehand, and that you are ready to move and pivot quickly.
The NUMBERS - Feb 2024 saw sales continue to climb, making the Seller’s market even stronger. Many homes were conditionally sold on their first day of hitting the market, with many buyers finding themselves in multiple offer situations and homes selling over-asking price. All homes less than $500,000 are seeing the most action, with 80% of homes sold in February falling into this price bracket. Our condo market is the strongest it has been in nearly 10 years, with sale prices increasing and days spent on market lessening. In my opinion, this will only be reinforced with higher interest rates, an increase in international families and students, and a baby boomer generation that will want/need to downsize from large detached homes.
If you’ve been talking about that move that never seems to happen, this is the best time you could possibly find to sell. Let’s explore your home value and see what a sale could bring you! If you’re already getting yourself ready to sell, check out my essential guide to maximizing the sale of your home here.
And for getting best positioned to secure your next home, grab and work through my Buyer’s Guide here. Your best real estate decisions are always made when you are informed, prepared, and in control.
Reach out, always! I’m here to answer your questions, listen to your thoughts, and give any advice you may wish to have.
~ Jenny