Are you considering selling your house? Well right now may very well be the right time.

NAR Chief Economist Lawrence Yun forecasts that the housing market is expected to grow and that 4.71 million existing homes will be sold in 2024- a 13.5% increase over 2023. Yun also predicts that home prices will increase about 1% compared to 2023 and that 30-Year fixed mortgage rate will average 6.3%.

At the local level- The Eastern Shore housing market was busier in the third and fourth quarter of 2023 than in the past two years. During this period sales activity increased and home prices were up, which led to a large jump in sold dollar volume in the region. On an annual basis- The inventory of available properties decreased a modest 5% and days on inventory also declined 3% when compared to 2022. While the total number of properties sold in 2023 declined by 8%, which could be attributed to the decline of available inventory over prior year, the average sale price was up an impressive 15%!

In conclusion, if the financial experts are right and Mortgage rates stabilize or decline, we believe that 2024 may very well be the time to take advantage of the lack of inventory and current market prices. Reach out to us today and let's explore that option together!