Whether you’re planning to start your home-buying or selling journey soon or you’re simply interested in staying ahead of market trends, you’re likely wondering where things stand after several years of market activity rebounding between extreme highs and lows. Currently, our market remains affected by high interest rates, although with rates lower than they were at the record highs of 2023 and buyers coming to terms with our new normal, interest rates have less of a hold on people’s plans than they once did.

In a recent article published by Business Insider, experts predict that home prices will climb this year. What does this mean for you? If you’re buying, you’re probably concerned about the unfortunate combination of higher listing prices and low inventory. However, a silver lining to the market changes is that we’re also seeing more homes—16 percent more, in fact—being listed on the market than we did last year. More properties mean more choice, so you’re not forced into making an offer on a home that you’re not one hundred percent sold on. However, keep in mind that demand is ramping up and homes are selling faster than they did last year, so be ready to compete with other interested buyers.

Sellers, you might be wary of trading in your current low interest rate for a higher one, but you shouldn’t let that stop you from making a move. With experts predicting home prices will make another 5 percent jump this year, you can take advantage of the hotter market and fetch a higher sales price. Of course, certain strategies, like making repairs, staging, and putting together quality marketing materials, will also increase value and positively affect the sales price. An experienced broker will know all the right techniques to expertly guide you to success.

If you’re curious about how the current market conditions play into your personal real estate journey, reach out to me today.