Market Update November 2024

Not a day goes by when someone asks, “What’s going on with the real estate market?” I think everyone senses the market is off the pace of recent years when inventory was low, sellers could name their price, and concerns about rising taxes, interest rates and insurance premiums were not at the forefront of a buyer’s mind as they are today, and of course you can always factor in the upcoming election. Add the impact recent storms have had and the result is more inventory is coming on the market from those looking to relocate in addition to the uptick in listings we typically see this time of year when more sellers are looking to put their homes on the market in advance of the new season. From a buyer’s perspective, they are not only factoring in the projected costs related to taxes and insurance coverage, but the anticipated costs for remodeling that typically would be a cost a seller would not consider allowing for in the negotiation process. With more inventory coming on the market properties will stay on the market longer unless they are priced very competitively. For those whose streets and neighborhoods are showing the residual effects from these storms, they can either wait until their streets are in better condition with the hope they can list their homes closer to market averages, or they may need to price their homes more aggressively to overcome a buyer’s concern when seeing the potential storm affect that could impact them. However, with many areas recovering quickly and restaurants and businesses coming back on line, there is a community spirit that is contagious and could be a factor in making this a strong upcoming season