Happy June!🌞 Before we dive into the market's rhythm, let's kick things off with our exclusive backstage pass. Explore our Real-Time Neighborhood Link above to gauge buyer and seller demand. Now, here are my thoughts this month:-)
Low inventory, high interest rates, and the Congressional Symphony—this trio defines June's real estate scene. It does seem like we finally have a solid deal, though, between the Democrats and Republicans. I trust this will add confidence to the general financial markets for the year ahead.
While the sellers' market remains scorching, finding a motivated, qualified buyer(s) to close the escrow remains challenging for some sellers. Here's what's happening behind the scenes.
Inventory Blues: Where Have the Listings Gone?
For those seeking a first home, second home, or investment, options are still limited. Low inventory frustrates buyers and fuels fierce competition, which is good for sellers. Once interest rates descend, a shift may bring more listings, affecting sellers differently than buyers.
High-Interest Rates: Congress and the Debt Ceiling Dance
The delicate dance of interest rates and the debt ceiling deal with Congress leading the dance. High rates challenge buyers but also signal a thriving economy.
The Year Ahead: Optimism and More Listings
As we journey through this year, optimism fills the air. Expect an increase in listings when interest rates descend. Opportunities are on the horizon, but it could take till the middle of 2024-2025 to materialize. I'm hoping for sooner, but we shall see what the year brings.
I wish you a successful and enjoyable June. I'm here if you need my assistance.
Warm regards,
Mark Bolender
