Market Trends – May 2024 Update

As we continue the spring market, we expect home sales to start climbing, as this is the traditional time of listing and purchasing homes.  While we still await the Federal Reserve to lower interest rates, it may not be until the end of the year.  As of May 3rd they are hovering around low 7’s%.  While this may continue to have an effect on the luxury market, we continue to experience multiple offers on homes that show well and are priced accordingly.  We also continue to see increased values year over year.

On a positive note, home values have appreciated significantly over the past three years. If you’ve owned your home for several years or more, you are in a favorable position if you’re thinking about selling. It is expected that a significant increase in housing inventory may occur when interest rates begin to decrease, which could impact pricing, so do not delay in listing your home.

Ultimately, pricing will always be influenced by factors such as the property’s condition, recent sales in the area, and the willingness of prospective buyers to pay for a similar home. If you would like to explore your options or delve deeper into this topic, please don’t hesitate to reach out to me via phone or email.