We are back to peak pricing!

But it sure doesn’t seem like a good time to sell your house, and as a result, most potential sellers will pack it in and wait until The Home-Selling Season of 2024.

Is there anything wrong with waiting until next year?

  1. Mortgage rates could go higher. The Fed meets three more times this year, and unfortunately they will be tempted to bump their rate at least once or twice. It doesn’t mean that mortgage rates will definitely go higher, but lenders are like gas stations and use any reason to pinch extra profit.
  2. Flood of Inventory. By a ‘flood’ , I mean two or three other homes go up for sale nearby.
  3. Bad Comps. If you have any 4Q sales nearby, they are likely to be lower than you’d like.

Who will be the 2024 home sellers?

There has to be a load of realtors and mortgage brokers who had their worst year ever in 2023, and had already been thinking of moving down and/or out. Or what about those sellers who sat out during covid? How about those who saw the market collapse after rates doubled in the second half of 2022 and they gave up their hopes of selling in 2023? They thought it would take years before we got back to peak pricing. Well, here we are!

We are so overdue for more listings. Look at the recent history:

Remember the 10% covid drop in 2020 and we thought the world was going to end?

I’ll go out on a limb and guess that we’ll have 2,500 next year, and it will feel like a flood!

I checked my stats for the last two years. I’ve had 29 listings sell that averaged nine days on the market, with a median of 4 days. I’ll get you down the road before Thanksgiving!

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