In the beginning of 2024 the experts were sounding the alarms for a very rough year for real estate professionals. By most measurements, they were correct. Real estate transactions that closed in 2024 were the lowest in 35 years.
Prices in 2024 were up nationally 2.5 percent.
Mortgage rates hit a 23-year high in mid-October.
Many homeowners are reluctant to sell because of their low mortgage rates.
Having set the stage, I will share with you that 2024 was not all that bad for my practice of real estate.
Why?
Most of the homes I sold this year were either on the high-end side or the starter home side of the spectrum. The people who buy high end homes often have large down-payments or can pay cash outright. They may be financially nimble and have been watching the market for just that “special” home with the large shop or water view.
Starter homes that are priced well will always sell quickly and there is a wealth of VA buyers requiring zero money down and FHA buyers who qualify for down payment assistance. Starter home buyers are just that – folks trying to get into home ownership and may be less interest rate sensitive because they will likely refinance when rates come down.
It is the homes in the middle of the price spectrum, with sellers that want to get top dollar when top dollar might not be warranted that sit on the market and suffer the indignity of the “price improvement”, ask known as price reduction. Two pieces of advice: Price it right and make it move in ready (clean it, paint it, de-clutter it and stage it).
Olympia Real Estate Blog 