September 17th Market Update
👀All eyes on the Fed this week. Interest rates have already dropped in anticipation of the Fed meeting, so the question is will they come down further or will they bounce around. Either way here in Columbia County there is less residential inventory today than there was a month ago. It appears that homes going under contract may be outpacing new inventory coming to market.
🍁We are headed into Fall and this is going to be an interesting season…how will the upcoming election impact the market?
🗳️Historically, election seasons see a temporary slowdown as people hold off on making major decisions like buying or selling a home as they wait to see the election outcome. Sales do bounce back quickly post election and continue to climb the following year. With interest rates on a downward trajectory, will buyers that have been on the fence take the leap now or wait until 2025?
🏡🏡🏡There is a lot of opportunity in the market today for both buyers and sellers
For buyers, we are seeing the lowest interest rates since February 2023 and that is improving affordability. Inventory is still lacking but it is sitting on the market longer, so there is more room to negotiate on price and terms especially with homes that have been on the market for more than 30 days.
I’ll tell you what….if I was looking to buy, I would get out there now while everyone else is waiting for rates to drop even lower and for the election to pass. Waiting may give you lower rates, but it will also mean more buyers competition driving up prices. So in the end you may end up paying more.
For sellers, the historically low inventory levels are in your favor. Sale prices continue rise (although at a slower pace than 2 years ago) and homes that are priced right are still selling within the first 30 days at 100% to asking price on average. If you’ve got a home to sell, let’s talk about getting it ready and on the market.
👋If you are curious about the buying or selling in the near future reach out to schedule a buyer or seller consultation.
*Data from CGNDMLS on 9/17/24
