MARCH 2024
REAL ESTATE NEWSLETTER
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425-236-6777
Buyers Eying the Ugly Homes Due To Low Inventory
February 2024 was a Seller's Market!
There were fewer houses for sale compared to last year, but more than last month.
Even though fewer houses sold overall compared to last year, many more houses sold compared to last month.
There were also more houses under contract compared to both last month and last year.
Sellers: It was easier to sell your house quickly and for a good price in February.
Buyers: You had fewer houses to choose from and might have had to compete with other buyers to get the house you wanted.
It's important to note that this is just a snapshot of one month, and the market can change over time.
REAL ESTATE MARKET NEWS
Homebuyers are facing a highly competitive market due to a significant drop in available properties. Compared to last year, housing inventory has nearly disappeared, leading to bidding wars and rising prices for the limited homes available. This situation is further compounded by rising mortgage rates, making it more challenging for new buyers to enter the market. However, despite these hurdles, many buyers are still eager to purchase a home before rates climb further, keeping demand high. While the number of new listings remains steady, it's insufficient to meet the current demand. Home price increases follow a seasonal pattern, though at a faster pace than last year. Foreclosure rates remain low, posing minimal concern compared to pre-pandemic levels. Overall, the market is characterized by strong demand and limited supply, resulting in a seller's market.
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LIST OF VETTED CONTRACTORS
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EVENTS AND HIGHLIGHTS OF FEBRUARY
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the next market update.
OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com
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