Current Real Estate Market Trends and Tips for Buyers and Sellers (November 2024)

The housing market in November 2024 is seeing some gradual shifts after the tumultuous past few years. While mortgage rates remain relatively high, sitting around 7%, recent predictions suggest they may decrease slightly by the end of the year. This potential dip could bring more buyers back into the market, so if you’re planning to buy or sell, here’s what to consider.

For Buyers

In today’s market, inventory is still low, which means demand for affordable homes continues to outstrip supply. This scarcity can make it harder to find your dream home, especially in desirable locations like Flagstaff, Arizona. Another trend is that while some buyers face affordability challenges, many are exploring adjustable-rate mortgages (ARMs) as an alternative to fixed-rate loans, taking advantage of lower initial rates to offset high costs in the short term.

Buyers may also consider homes that need minor renovations or upgrades. These properties are often priced more affordably, and with a bit of work, you can still end up with a highly desirable and beautiful home. Working closely with a knowledgeable agent can help you find these opportunities, including potential “pocket listings” that aren’t widely advertised.

For Sellers

If you’re selling, it’s important to note that while buyer demand may be gradually increasing, the market is still cautious due to high financing costs. However, well-priced homes in good condition can still attract multiple offers, especially in areas where inventory remains scarce like Flagstaff. Pricing your home competitively and making any necessary repairs or minor improvements could increase buyer interest and shorten the time it takes to sell. If you’re considering selling, keep in mind that many buyers are more budget-conscious than they were in the past few years, so being strategic about your home’s pricing and presentation will be key.

Market Outlook

With inflation predicted to stabilize, we could see improved housing affordability over the next year. Economists are optimistic about avoiding a recession in 2025, which could further stabilize buyer and seller activity in the coming months. As the housing market adapts to these changing dynamics, staying informed and working with a real estate professional will be essential to making the most of current opportunities.

Navigating today’s market may feel challenging, but with the right strategies, both buyers and sellers can find success. Reach out if you have any questions or want personalized insights into how these trends might affect your real estate goals.

This blog post reflects current trends and advice based on recent reports and analysis from Realtor.com, The Wall Street Journal, and other industry sources.