Hansen Home Team - Stark Company Realtors’ Post

Transcript

Hey everyone, hope you're having a great week and it is time for your August 2024 market update and I'm going to start with buyers right now. So it is a great time to get out in the market and purchase a property. Rates have seen a downtick which is really, really good. It makes your purchasing power much stronger. They're down for a 30 year right now. We've seen as low as about 6 and a quarter kind of hanging right between 6 1/4 and 6.375 for a 30 year. Which is down quite a bit from where it was at. They were up over 7 not too long ago. So rates are down, inventory is up. So what that means is there's there's more properties on the market, less competition out there. So great time to get back in the market if you're one of those buyers who maybe couldn't compete with other buyers or, or just didn't want to and there's more options out there for you. So great time to get back and buy. And Eric wants to tell them what it's like for the South side. Yeah, the seller side. You got to be really careful. Right now we do see as Brett alluded to more inventory on the market, fewer buyers out there such as showings are fewer and further between, which means you need to have a really good agent on your side who can negotiate with offers that do come in, really pursue the leads that are out there. And what's going to happen is as rates stay lower and that that dialogue gets out there, more buyers are going to be flooding into the market. So if you been on the market for a little while. There's going to be more activity coming. We've gotten through that summer slowdown and people who are going to be listing late summer into the fall should be seeing much more success. So we'll keep you guys updated in September on what's going on out there. But as of right now, that's the market update for August of 2024.