Early 2024 Saw Fewest Existing Home Sales In Decades
“Mortgage rates have already fallen more than one percentage point from their 2024 peak, but we have not yet seen a significant increase in the number of homes changing hands. Of the homes listed this year, many have gone stale because of the lack of demand"
The above article does a good job summing up how the market has been feeling the past couple months. What we typically think of as the "selling season", was honestly a bit stale and frustrating for many Sellers this year. Things could be turning around soon and the local market in Central Oregon is typically on a different schedule than the rest of the national trends. The next few months will be a pivotal time in the market to seize opportunity for those that know how to navigate the changes.
For Buyers; now is a time to seek out the motivated sellers who need to sell, but have not been able to make it happen. They are ready to negotiate and favorable terms and prices and a deal can be found. Plus, you will have the opportunity to refinance in the future as well (bonus points). If you wait with the crowds, you can expect to jump in with more competition and less leverage when Spring hits. For Sellers, the rates have finally started turning around and Buyer sentiment has as well. The last few weeks have been very busy with showings and offers, but the typical Seller will react to the seasonal change by pulling their listing from the market. For those willing to stay available and active while the supply shrinks, could have a better shot at putting a deal together. Please give me a call if you have any specific questions or want to know my thoughts on the months to come! - Greg
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