Market Update: Fall 2024

You’re not alone. The market dislikes uncertainty, too. 

With the presidential election and general lack of clarity on where mortgage interest rates are heading, purchasers have been sitting on the sidelines waiting for certainty and seemingly better conditions.

This is impacting the market. Some properties are taking longer to sell and/or going through price corrections. This is great for potential purchasers; it’s not so great for sellers.

If you can tolerate going against the crowd, it’s an opportune time to be shopping for property. You could always refinance your mortgage down the line, should rates improve. In light of price reductions, total cost savings may negate downsides to current interest rates (6%-6.5% at the moment).

One issue with waiting for general sentiment to improve is once everyone re-enters the market, competition increases. Competition drives price increases and can make it difficult to secure property. I think once we’re past the election and holiday season, people will begin to feel more comfortable, likely re-entering the market in time for the Spring season.