Market Overview: More Homes, More Opportunities

In July 2024, we saw 1,492 homes listed for sale, including both active and pending listings. This is a noticeable increase compared to July 2023, when there were 1,194 homes on the market. This rise in inventory means buyers have more options to choose from, which can often lead to more favorable terms for buyers, including potential price negotiations.

For sellers, this increased inventory means that while there's more competition, it also underscores the importance of pricing your home competitively and ensuring it stands out in the market. With more homes available, buyers will be more discerning, making it crucial to highlight your property's unique features and market it effectively.

Upcoming Changes: What to Expect

We’re also anticipating a potential decrease in interest rates next month, in September 2024. Lower interest rates can significantly impact the market by making mortgages more affordable, which could lead to an uptick in buyer activity. If you’re considering selling, this could be a great opportunity to attract motivated buyers who are eager to lock in lower rates.

For buyers, lower interest rates mean increased purchasing power, potentially allowing you to afford a more expensive home or save on your monthly mortgage payments. If you've been on the fence about buying, keeping an eye on these rate changes could be to your advantage.

Back-to-School: Timing Is Everything

With the start of the school year, many families prefer to settle into a new home before the school year begins. However, if you missed that window, don't worry—this time of year still offers plenty of opportunities. Some families are more flexible with their timing and could be looking to move before the holidays or in the new year, so the market remains active.

What This Means for You

Whether you're looking to buy or sell, the current market conditions offer opportunities, but also require a strategic approach. If you're thinking about buying, consider starting your search now to take advantage of the increasing inventory and potentially lower interest rates next month. For sellers, this is a good time to review your pricing strategy and make any necessary adjustments to ensure your home attracts the right buyers.