The real estate market has continued to slow as we enter the holiday season. This is completely normal for this time of year and as always, the slower market offers an excellent opportunity for investors and owner occupants alike. I have investor clients who have done incredibly well buying rental properties during the holidays and it's also a great time for owner occupants who happen to be looking right now. Every year there are sellers who came on the market too late in the season and at too high of a price. As the holidays approach, some sellers become very motivated.
Traditionally, I see properties selling at a 5% discount during December, but this year it is entirely possible to purchase a property for 10% lower than it would have sold for this past spring/summer. And as a bonus, it will most likely be worth more by next March. I have seen this pattern play out year after year.
High interest rates are the reason why the real estate market is especially soft right now, but interest rates have recently dropped a bit because of reports showing that inflation is under control. With some seller paid closing costs, it's possible to get a rate that starts below 6% for an owner occupant. Please call me to discuss the opportunities that the current market presents.
For sellers, it's best to list after the New Year since the market will pick up once the holidays are over. I'm predicting an active market in the first half of 2024.
If you are interested in viewing the 3rd quarter real estate statistics for your specific market area, click here.
Lastly, I'd like to take a moment to express my gratitude to you, my clients, for your business, referrals and friendship. I am sincerely thankful for you. Happy Thanksgiving to you and your family!
All the Best,
Rich