January 2024 continued the trend of low inventory and rising prices. With news of interest rates most likely dropping in the upcoming months, we’ve already noticed increased buyer demand in Westchester. Many buyers put their home search on hold when interest rates hit 7%, now we’re seeing rates closer to 6%.
The increased buyer demand is worrisome if inventory doesn’t increase. We’re still facing all time lows in inventory with many sellers still sitting tight, not knowing where they would relocate to with the rising prices. If there’s still an inventory shortage heading into spring, we’ll start to see what plagued us for most of 2020 and 2021, highest and best offer scenarios on almost all properties. I just hosted a Open House in White Plains and I couldn’t believe the turn out. People braved the cold weather to wait online at the open house for over an hour. Over 30 couples made their way through the 2 hour open house (only one couple at a time were permitted access).
If your a seller, now is a great time to sell. Buyer demand is still there and prices are still increasing. If your a buyer, don’t wait for prices to come down because that realistically might never happen. If you see the right house, make an offer! Even if the interest rate is on the higher side, you can always refinance when the rates come down. Don’t allow a temporary rate discourage you from owning the home of your dreams. Remember, rent is 100% interest!
Sellers, curious to know your homes value? Click here to access my free property evaluation tool!
Buyers, click here to access my free buyers guide and schedule a appointment to come up with a game plan to make you a homeowner!
See below market starts from January 2024. Want to know more about your specific area? Let us know!
