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January Market Update and 2024 Outlook

Each year the real estate market goes into cycles typically correlating with the seasons of the year. In the colder months the market typically cools off whereas in the hotter months the market tends to heat up (no pun intended.)

Right now we are in the colder months and as it typically does, the market has cooled off a little bit. The reason the market typically cools down in the colder months is because there aren’t as many active buyers looking which directly results in there being less competition, and prices are able to remain more stagnant.

In the summer months, the opposite is true. There are a lot more buyers in the market and more competition. Thus driving prices higher. Which means buying a home in the colder months like right now is a great opportunity for you because you’re up against a lot less competition. Not to mention interest rates have also come down since peeking towards the end of 2023.

The National Association of Realtors® (NAR) is expecting interest rates to continue to come down as this year progresses. If this is true and interest rates continue to come down throughout the year, there is a high likelihood that prices will continue to increase because it’s going to drive more people into the market, and buyers will now have more buying power when it comes to what they can afford.

The biggest driving factor in all of this though is the inventory. Since inventory still remains very low this will also likely make prices continue to go up because there’s less to choose from and that makes more competition which results in more bidding wars and more people going above asking price. If you are interested in buying or selling or you just have a question about the market go ahead and reach out to me today I would love to help you! 

Call/Text: (717) 572-0629

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