Sellers market again?

In recent years, the real estate market has seen its fair share of ups and downs. From the housing crash of 2008 to the surge in demand seen in 2020, it's clear that the market can be volatile and unpredictable. However, with the current state of affairs, it seems that we may be entering another sellers market early in 2024.One of the key signs of a sellers market is low housing inventory. When there are fewer homes available for sale, it creates a sense of urgency among buyers, driving up prices and competition. In many areas across the country, the number of homes for sale has been steadily declining. This shortage of inventory has put sellers in a favorable position, as they are often able to sell their homes quickly and at top dollar.Another factor that points towards a sellers market is the dropping mortgage rates. Historically low interest rates have made it more affordable for buyers to enter the market, increasing demand for homes. With more buyers competing for a limited supply of homes, sellers have the upper hand in negotiations. They can often receive multiple offers and choose the one that best suits their needs.Real estate news headlines have also been reporting on the shifting dynamics of the market. As housing inventory continues to dwindle, experts predict that sellers will have the advantage in the coming years. Buyers will need to act fast and be prepared to make strong offers to secure a home. This shift in power from buyers to sellers is a clear indication that the market is leaning towards favoring sellers once again.If we do enter another sellers market in 2024, it's important for buyers to be prepared. One of the first steps buyers should take is to get pre-approved for a mortgage. By knowing how much they can afford, buyers can act quickly when they find a home they love. Additionally, buyers should work closely with a real estate agent who has experience navigating a sellers market. These professionals can provide valuable insight and advice to help buyers find and secure their dream homes.For sellers, the current market conditions present a unique opportunity. With low inventory and high demand, sellers have the potential to receive multiple offers and sell their homes quickly. However, it's still important for sellers to prepare their homes for sale and price them competitively. Working with a trusted real estate agent can help sellers navigate the selling process and maximize their profits.In conclusion, all signs are pointing towards a potential sellers market in 2024. Low housing inventory, dropping mortgage rates, and real estate news headlines are all indicators that sellers may have the upper hand. For buyers and sellers alike, being prepared and working with experienced professionals will be crucial in navigating this changing market. Whether you're buying or selling, now is the time to stay informed and take advantage of the opportunities that lie ahead.

New home construction

New home construction continues to be a hot topic in the real estate market, attracting both buyers and sellers alike. As we look ahead to 2024, it's clear that more exciting developments are on the horizon. In this blog post, we will explore the impact of new construction on buyers, sellers, and the overall market.For buyers, new construction offers a world of possibilities. The thought of owning a brand-new home, built to their specifications and tailored to their lifestyle, is undeniably appealing. With more new construction projects coming in 2024, buyers will have an even greater range of options to choose from. Whether they are looking for a single-family home in a suburban neighborhood or a trendy condominium in the heart of the city, the abundance of new construction ensures that buyers can find their dream home.Sellers also benefit from the rise in new construction. As more buyers flock to these projects, the demand for existing homes may decrease slightly. However, sellers can still capitalize on this trend by highlighting the unique features of their properties. For example, older homes may boast character and charm that newer construction cannot replicate. Additionally, sellers can emphasize the advantages of established neighborhoods, such as mature landscaping and proximity to schools and amenities. By effectively marketing their homes, sellers can attract buyers who appreciate the value of both new and existing construction.Looking at the bigger picture, the surge in new construction is a positive sign for the real estate market as a whole. It indicates a growing economy and increasing consumer confidence. Moreover, the construction industry plays a significant role in job creation and economic growth. As more new construction projects break ground, the ripple effect can be felt across various sectors, boosting employment and stimulating local economies.In conclusion, the future of new home construction looks bright. With more projects slated for completion in 2024, buyers will have a plethora of choices, and sellers can highlight the unique features of their properties. Additionally, the rise in new construction signifies a healthy real estate market and stimulates economic growth. Whether you are a buyer or a seller, staying informed about new construction trends can empower you to make the best decisions for your real estate journey.

Mortgage Rate drop below 7%

The real estate market is constantly changing, and one of the most significant factors that can affect your decision to buy a property is the mortgage rate. Recently, there has been an exciting development in this area – mortgage rates have dropped below 7%! This is great news for buyers, as it means more affordable monthly payments and increased purchasing power. If you've been thinking about buying a property, now is the perfect time to take advantage of these historically low rates.For many buyers, the mortgage rate is a crucial aspect of their home buying journey. A decrease in interest rates can save you thousands of dollars over the life of your mortgage. With rates below 7%, you can secure a loan at a much lower cost compared to higher rate environments. This not only makes homeownership more affordable but also increases your chances of qualifying for a larger loan amount. Whether you're a first-time buyer or looking to upgrade, lower rates give you the opportunity to stretch your budget further and potentially purchase a more desirable property.If there is a property you've had your eye on, now is not the time to wait. Take action and seize this opportunity. With mortgage rates below 7%, there's no guarantee that they will stay this low for long. Interest rates are influenced by various factors such as the economy, inflation, and the Federal Reserve's policies, which can change over time. Therefore, it's important to strike while the iron is hot.When it comes to navigating the real estate market and securing a mortgage, it's always beneficial to work with professionals who have expertise in the field. Piper Pacific Group is a trusted name in the real estate industry, known for their extensive knowledge and personalized approach. Whether you're a first-time homebuyer or an experienced investor, their team can guide you through the process, ensuring you make informed decisions and secure the best mortgage rate possible.In conclusion, the current drop in mortgage rates below 7% presents an excellent opportunity for buyers. With more affordable monthly payments and increased purchasing power, it's a great time to buy a property. Don't hesitate to take advantage of these historically low rates. If there's a property you want, call Piper Pacific Group and let their experts assist you in navigating the real estate market and securing a mortgage that suits your needs.

Coachella Valley Luxury Market Summary

Prices: The FLC Luxury Price Index, which represents the average price of a 4,500 square foot home in fifteen of the top luxury country clubs, ended November at $3,792,054 up $43,626 for the month and 2.5% year over year. In the individual country clubs, average gains ranged from 16.6% for Thunderbird Heights Hills down to -10.6% for the Movie Colony.   Sales: In November, luxury sales averaged 16.2 units per month, down 22% from last year. Dollar sales of Luxury homes over the last three months averaged $37 million a month versus $38 million last year, down 2.6%.   Inventory: Total inventory in the fifteen luxury country clubs at the end of November rose 19 units to 100. This is 10% higher than last November. The “months of sales” ratio was 6.1 months compared to 4.5 months a year ago.    Market: In November, the average “Days in the Market” for luxury homes was 71 days compared to 49 days a year ago. Average days continue to be far less than the pre pandemic average of 120 days. By Country Club, the numbers range from zero days in the El Dorado Country Club to 210 days in the Vintage Country Club.   Discount/Premium: In November, luxury homes sold at an average discount of 3.7% compared to a discount of just .8% a year ago. The numbers range from a discount of 0% in El Dorado Country Club to an average discount of 14.9% in The Madison.