{"id":1394,"date":"2024-06-20T17:35:59","date_gmt":"2024-06-20T17:35:59","guid":{"rendered":"https:\/\/nohasslelistingblog.com\/?p=1394"},"modified":"2024-06-20T17:35:59","modified_gmt":"2024-06-20T17:35:59","slug":"market-update-june-2024","status":"publish","type":"post","link":"https:\/\/nohasslelistingblog.com\/?p=1394","title":{"rendered":"Market Update June 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">                                              <strong>The quiet market<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The marketplace keeps answering the question of whether an election year boosts the real estate market.&nbsp; And that answer still remains no.&nbsp; Here is your proof. This market&nbsp; continues to echo the (non-election) 2023 market \u2013 low volume and even quieter than the previous year.&nbsp; Again, the culprit is interest rates.&nbsp; The recently released Consumer Price Index showed the annual inflation rate had declined to 3.3% and that good news immediately caused mortgage rates to drop below 7%.&nbsp; Still, it wasn\u2019t a large enough drop to create a major boost in demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While interest rates may not be currently motivating buyers, sluggish demand and supply that is up 54% from last year (according to the Cromford Report) is providing buyers an opportunity to buy that has been missing for years.&nbsp; In the midrange price points, sellers are giving concessions to buyers in more than half the cases.&nbsp; Sellers have recognized that buyers need help with closing costs and buying down rates \u2013 as monthly payment impacts buyers more than sales price does.&nbsp; In the million+ category, rates are not typically a factor and pricing is therefore the target.&nbsp; The average seller in that category is giving up $51,000 in price, up from last year when the average was $36,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With supply slowly and steadily rising all year, sellers are coming to grips that they need to work harder to attract a buyer.&nbsp; Sellers haven\u2019t seen a supply\/demand ratio as anemic since 2014\/2015. As in any market, buyers are rewarding the attractive, well-priced and well-marketed homes.&nbsp; The less desirable homes with deferred maintenance, need to price more aggressively.&nbsp; Both categories of sellers need to get pricing right and manage their expectations.&nbsp; &nbsp;&nbsp;Agent choice matters \u2013 good marketing, good market knowledge, and proper pricing are the seller\u2019s best friend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russell &amp; Wendy Shaw<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Mostly Wendy)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The quiet market The marketplace keeps answering the question of whether an election year boosts the real estate market.&nbsp; And that answer still remains no.&nbsp; Here is your proof. This market&nbsp; continues to echo the (non-election) 2023 market \u2013 low volume and even quieter than the previous year.&nbsp; Again, the culprit is interest rates.&nbsp; The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1394","post","type-post","status-publish","format-standard","hentry","category-real-estate-market"],"_links":{"self":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1394"}],"version-history":[{"count":1,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1394\/revisions"}],"predecessor-version":[{"id":1395,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1394\/revisions\/1395"}],"wp:attachment":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}