First of all can we take this belated opportunity to wish you and your family a very happy, healthy and successful New Year.
There are plenty of reasons to be optimistic about the prospects for real estate in our area in 2025.
One key aspect is that inventory of available homes for sale is, if we take the usual holiday season dip in numbers into account, better than it has been for some time. We can also expect this to further improve as the buying season really gets under way as spring approaches.
Better inventory is highly motivational for buyers who, at this time last year, had significantly less choice of homes than they currently enjoy. Fewer homes to choose from is often a demotivating factor and can lead to buyers temporarily calling off their home search.
The uncertainties of last year's election are now in the rear view mirror and this adds a further layer of confidence for buyers.
Mortgage rates are expected to fall this year, but certainly not immediately and possibly not at the much lower levels we would all like to see. Nonetheless, many buyers have now adjusted to the new norm of higher rates and there is no longer the expectation of a return to the unprecedented, and likely unique, low rates that we saw a few years ago. There is always the option to refinance when rates do fall significantly, of course.
So the outlook is very positive and, if we see further general improvements in the economy, things could look even better.
Why not contact us on 435-327-2090 to informally discuss prospects related to your own situation.
