Interest rates stayed high, and while inventory rose in the second half of the year, it remained historically low, keeping prices elevated. As of November, the median price for a single-family home was $650,000, up 2% from last year.
This year’s slower market, with 39,153 properties closed through November, down slightly from last year, taught realtors three lessons:Sellers should be prepared for their homes to take time to sell and consider offering concessions.“Just when we thought we had it figured out, it would pivot again, and listings we thought would go fast while more difficult-seeming listings received multiple offers.”Proper pricing and a strong first impression are essential.
A small floor scuff won’t keep a buyer from purchasing, “but there’s not a lot of margin for error right now,” Harcek said. “There almost always are other houses to look at.”“If you were going to live here for another five years, what would you want to replace or improve?”“They need to reset their expectations,” Terry said. “They shouldn’t expect 15 offers in three days and instead should realize their home could sit on market for a few months.
“There are no guarantees. You should only buy if it makes sense, and you can afford to do it now. You need to be comfortable with the payment and not count on being able to refinance at a lower rate.