The housing market in the Capital Region is exhibiting some notable trends as we progress through the second half of 2024. Whether you're a potential buyer, seller, or simply curious about the local real estate landscape, understanding these forces can provide valuable insights into this dynamic market.

Low inventory

Even with historically low housing inventory the rate of price appreciation has begun to moderate compared to the peak of recent years. Buyers are still competing for homes during this period of low inventory. Homes in the area are selling quickly, often going from "listed" to "pending" in less than a week. Fast action and competitive offers are critical to getting you the home of your choice. If priced and marketed strategically, seller's listings often receive multiple offers often well over the asking price.

Mortgage Rates

Have you been waiting for a while for mortgage rates to begin their downward trend? That red light has begun to turn green, promising more homes on the market and more buyers looking for their next house. This trend will keep the real estate market competitive well into the fall and winter. It's a great time to reach out to a mortgage professional to see what you can afford when considering a move. 

First-time Homebuyers

Despite higher home prices and limited inventory, real estate agents who have their finger on the pulse of the market can find a home that's right for you. By working closely with mortgage professionals, first-time homebuyers can take advantage of a number of incentive programs that can make the dream of owning a home a reality. Perhaps you continue to rent, assuming that home ownership is simply out of reach. Find out exactly what your options are by talking to a mortgage professional who will help you to create a plan for your first home purchase. Then give me a call for a free consultation, and together, we can find your home and make an offer that will get accepted.