How does fall 2024 look for home sales?

HOW DOES FALL LOOK FOR HOME SALES?

1) Mortgage rates have slipped about 0.5% to the low 6% range, which is good. If rates slipped into the 5.5 to 5.75 % range and stayed there that would be excellent. That would make headlines, and besides allowing buyers to qualify for more, psychologically it makes buyers feel better. The Feds have indicated they intend to cut rates which helps mortgages.
2) Inventory, or the number of homes for sale, is below normal and still in the seller’s favor. Inventory has increased a little, however, we could use more. If rates fell to the mid to high 5% range it might mean low rate “mortgage frozen owners” decide it’s time to put their home on the market.

3) The election in November also has an effect on the market. CA has several measures to make it easier to pass bonds and add them to your property tax bill. Some buyers and sellers are waiting to see what happens on a national level too before making a move.

BOTTOM LINE: The Millman Team is expecting a good fall selling season. With more affordable mortgage rates and an increase in homes for sale (but not a big jump) the market will improve.

Mid September through October is the best time in the fall to get your home sold and find a new one. Put the Millman Team’s experience to work for you. It does make a difference who you work with.