It seems like we may have a quiet December in real estate this year. There is a lot going on in the market from stable but somewhat high interest rates putting the brakes on buyers, a lack of sellers willing to sell, and a bit of a negative outlook among the public about the state of the economy moving into 2024.
2024 is a major election year. Generally during these election years politicians are looking to move towards an improving economy because they want to get re-elected. A foul economy is often a tide changer in elections whereby incumbents are vulnerable. I would expect to see action taken by the Administration in Washington DC to curb the economical roadblocks.
If that happens would could see a nice spring bump in real estate and perhaps even see some sellers decide to come out of their shells, so to speak. Most of the activity in listings seems to be people moving away to be close to family elsewhere, or retirees moving to warmer climate, or mandated by job changes. Of course there is also the usual divorce and death that sometimes facilitates a need to sell the house.
Honestly a sudden flood of listings would crash the local market so I'd prefer not to see that. But a little relief in rates just a single percentage point could provide the gentle nudge we need to get back to an active market.
We shall see how things unfold as the New Year takes shape.
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