The unexpected developments in the real estate market in early 2024
Are you wondering how the real estate market is faring in the early days of 2024? Typically, this time of year sees a slowdown in Minnesota due to cold weather, but this year is different. In this market update, we’ll explore the unique conditions we’re experiencing.
Despite the season, buyer activity remains steady, defying the usual winter lull. Buyers are actively looking for properties, and are eager to make a move. However, there’s a challenge—the lack of inventory. While demand is high, there are limited properties available for sale.
“We anticipate a strong spring selling market ahead.”
One interesting trend is the growing interest in new construction, driven by the scarcity of existing inventory. As for interest rates, they’ve stabilized at around six and a half percent, encouraging buyers to enter the market.
Moreover, large down payments are still prevalent among buyers, even as rates have come down. These factors are shaping the market in unexpected ways.
For sellers, it’s worth noting that the spring market might kick off earlier than usual. If you’re planning to sell, now is the time to prepare your home. Consider decluttering, painting, and updating your flooring to ensure your property stands out in the upcoming busy season.
We anticipate a strong spring selling market ahead. If you have any questions or need guidance in navigating the current real estate landscape, don’t hesitate to call or send us an email.
Happy New Year, and may your 2024 be filled with real estate success!