I hope you all had a great Thanksgiving! Our holiday was wonderful with lots of good food, some football, lots of shopping and family. Photos with Santa got a little bit derailed with Santa getting sick and not being able to come down from the North Pole. Keri Zumpano of KeriZ Photography came and still took some gorgeous family photos at a wonderful new venue. We got to meet several Kliesen client precious new babies.
Homes are still listing, showing, going under contract and closing amongst all the shopping, parties, and festivities. I can excitedly share that interest rates are starting to come down!!! Praise Be! Today the rate for a conventional 30 year fixed rate mortgage is 6.75%.
If you are considering selling in the new year give me a call and lets chat now. You may want to do some cleaning and decluttering while you have down time during the holidays and I can help you figure out what would be the best places to focus.
In 2024 so far there have been 71,658 closings
The Median Home Buyers Age was 56 Years old, an all time high
The Median Age of 1st time buyers is 38 Years old which is up from 35 last year
73% of households did not have a child under the age of 18 in the home
17% of buyers bought a multi-generation home
1st Time Buyers were 24% of the 2024 Market an all time low
Buyers typically viewed 7 homes & 2 of those were viewed online only
The typical age of sellers was 63 Year old
The average home seller owned their home for 10 years (in 2006 it was 6 years)
6% of the sales were For Sale By Owner
66% of sellers used an agent who was referred to them or their previous agent
Expect the Fed to cut rates in 2025 6-8 times but this may not drop Mortgage Rates
700,000 Realtors Sold Zero Homes in 2024
226,000 Pending Homes sales terminated in the US July -Oct 2024
In 2025 The Chief Economist for NAR Predicts the Following:
Existing Home Sales will be up 9%
New Homes Sales will be up 11%
Median Home Prices will increase 2%
Mortgage Rates – 6%
Job Gains – Near 2 Million