Jim Valentine on Real Estate
Halfway through the calendar year of 2024 we take pause to celebrate Independence Day before we buckle down to continue our 2024 experience.
It won’t be long, and we’ll be facing that tick of the clock that changes everything, midnight Dec. 31 and at the tock, it’s the morning of the first day of 2025. So, what have we seen and what will we see in this even numbered year?
Real estate has been unpredictable this year. Interest rates have bounced up and down a bit, but not too much distance between the high and the low. Stable enough for sellers to be able to afford to make a contribution to buyers’ closing costs sufficient enough for them to buy their rates down to a tolerable number.
Most people are beginning to realize how much of an anomaly the super-low rates of recent years really were and that we are likely going to find a happy medium interest rate range as things stabilize.
Prices have fluctuated a bit with demand. We’ve seen high demand, low demand and no demand. It’s funny how the market can be running one way and then BAM, like switching off a faucet, it stops. One has to look at the broader situation when that occurs.
What happens most years in June that would distract people from their purpose of buying or selling a home? Graduation? Parties to throw or attend for loved ones and friends. How about June weddings?
Another major social commitment if you are only attending as a guest. If you are a part of it, one way or another you’ve a major commitment that can take you away from your real estate mission. Days of consecutive extreme heat can slow casual buyers’ real estate efforts. They will wait until it cools a bit.
Those get followed up by the Fourth of July holiday package after which things will get back into a “normal” summer mode. There is chatter among agents about the lack of showings on their listings these days. It isn’t just one area or price range.
When the market moves as a whole, we must look for reasons other than a neighborhood, price point, or attitude influencing it. Could it be a June swoon for some of the above reasons? It being a presidential election year, we’ve seen some campaign promises from different candidates for different offices.
It can be perplexing how things can be promised without an explanation as to how they will be enacted. Regardless, there is a lot of campaign rhetoric and there will be more. Will it affect the real estate market?
We’ve seen in the past where people act, or refrain from acting, until the election results are known. At that point, however, everyone will likely act in a similar manner in which you are contemplating for your next move because they are like minded.
You’ll have competition that you won’t have now. Consider making a positive course of action between now and the end of the year to accomplish your real estate goals. As the year proceeds, how will it affect you?
There will be a number of homeowners that will have their adjustable-rate mortgage rate bounce up. How will that affect their household budget that has seen food and transportation costs rise significantly?
Will it cause a forced sale due to economic pressure? Opportunity for a buyer? Look at all opportunities for the times they are a changing and you need to be ready to act, not watch.
Enjoy your mid-year break and reflect about your real estate.
Whether it be the proverbial American Dream (what better holiday to think about that than the Fourth of July?!), Going bigger or smaller, remodeling, or investing – what is on your mind? What is your ideal real estate circumstance and how will you get there?
Call your agent or build a relationship with a professional and you can begin your journey. Real estate takes time to work. You’ve six months to get something done this year. Make a plan, work your plan, and enjoy the results of a good plan well executed… in any market. This is your market – be here now.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Gold Carson Valley, License BS.03481 775-781-3704. dpwtigers@hotmail.com