The supply is on the rise and interest rates are on the decline at a time of peak distraction for the industry.
Let’s handle the distraction part first. Home sellers, home buyers, and the industry in general really does tend to slow down from Thanksgiving to New Years. It happens to all of us but it puts the industry a bit of a freeze (winter pun intended).
Normally this is no big deal, but we’ve been waiting on a few things to bolster the real estate market, and a few of the things we’ve been waiting for are coming online right now.
More inventory has been the cry from the industry for a while now. Guess what, now we see total active listings up almost 10% and months supply up nearly 25%. We’ve been clamoring for more inventory and now we’re getting it. This is a good thing.
Lower interest rates has been the even more vocal cry from people in and outside the industry. That is also now here. In fact, it is the lowest it’s been in two months.
Great news: we’re getting what we want/need for a market rebound.
Bad news: we’re all distracted with the holidays and December shenanigans so I worry some people will miss out on it.
So if you have been sitting on the sideline waiting for the right time to dip your toe back into the water or the real estate marketplace, now just might be the time.