As of the date of this article, whether you're buying or selling a home, we're dealing with quite unpredictable market conditions. Right now, we're seeing all kinds of activity in the market, and it's not just a matter of it being either strong or weak. We're observing homes that are getting pended in escrow quickly with multiple offers, while others are sitting on the market for 30 or even 60-plus days, and there are cases of escrow cancellations.
Some of the factors we're keeping an eye on include upcoming elections, the geopolitical environment, and the approaching end of the year. That being said, the main challenge in a slower market continues to be the lack of available homes for sale. The number of potential buyers in the market hasn't significantly decreased and remains quite substantial. However, many buyers looking for second homes or considering upsizing/downsizing are taking their time and are eager to see more listings before making offers.
The Federal Reserve's decision to cut interest rates has certainly given the market a boost, and once the elections are behind us and we head into 2025, we expect to see increased activity with more buyers entering the market. Historically, for every 1% rate cut, approximately a million home buyers will enter the national market.
If you'd like to delve deeper into the market activity, feel free to get in touch with me.
Sina Omidi
Real Estate Broker
805.689.7700
