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๐Ÿ”ฅBuyers Swarm Market as New Listings Soar! ๐Ÿกโœจ

By
Real Estate Agent with Chris Fritch Team eXp Realty 40341531
๐ŸคœLET'S GO GET YOU THAT HOUSE!!!๐Ÿก
๐ŸŽ‰ As the new year began, buyer activity in the housing market increased. ๐Ÿ“ˆ
๐Ÿก Mortgage-purchase applications rose by 3% in the first week of January compared to the previous month. ๐Ÿ“Š
๐Ÿšช Home tour requests increased by 5% from December. ๐Ÿ‘€
๐Ÿ†• There was a 9% rise in new listings in the first week of January compared to the same period last year. ๐Ÿ 
โ˜” Bad weather impacted homebuyer activity, with better weather areas like Phoenix ๐ŸŒž seeing more activity.
๐Ÿ’น Competition in the housing market is expected to increase, with 24% of homes selling above list price in the recent period. ๐Ÿ“ˆ
๐Ÿ’ฒ The median price of homes sold was $363,125, up by 4.1% year-over-year. ๐Ÿท๏ธ
๐ŸฅŠ Bidding wars are resurging in cities with strong job markets. ๐Ÿ’ผ
๐Ÿ› ๏ธ Buyers are selective, avoiding fixer-uppers unless in desirable areas at the right price. ๐Ÿ“
๐Ÿ”‘ Mortgage rates play a key role in housing market demand, especially for first-time buyers. ๐Ÿก
โฌ‡๏ธ Recent mortgage rate decrease has led to a drop in monthly mortgage payments. ๐Ÿ’ธ
๐Ÿ“‰ Higher-than-expected inflation and unemployment rates may prevent a cut in interest rates, potentially keeping mortgage rates high. ๐Ÿ“Š
๐Ÿ“ˆ The annual inflation rate increased to 3.4%, with shelter costs being a significant factor. ๐Ÿ ๐Ÿ’ธ
๐Ÿ”ช The share of listings with price cuts was under 16% in December, the lowest since April 2022. โœ‚๏ธ
๐Ÿ“ˆ New listings in December were 9% higher than in 2022, breaking a 17-month streak of decline. ๐Ÿ†™
๐Ÿ  Home prices remain high due to low active inventory. ๐Ÿ“ฆ
๐Ÿ—๏ธ New construction could ease buyer demand, with single-family home construction increasing in November. ๐Ÿ 
๐ŸŽ Builders are offering incentives, with 36% reporting price cuts and 60% offering sales incentives. ๐Ÿ’ฐ
763-746-3997๐Ÿ“ž
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The Chris Fritch Real Estate Team eXp Realty

Anoka County Residential Real Estateย Specialists

CFTeam@chrisfritchteam.com

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763-746-3997

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Blaine Planned Community Specialist, also serving Andover, Coon Rapids, Ramsey & The North Metroย Blaine Planned Community Specialist, also serving Andover, Coon Rapids, Ramsey & The North Metroย Blaine Planned Community Specialist, also serving Andover, Coon Rapids, Ramsey & The North Metroย Blaine Planned Community Specialist, also serving Andover, Coon Rapids, Ramsey & The North Metro

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

We have extreme Scarcity right now . We have had 1550 Agents trying to sell 275 listings each month for nearly 3 yearsย 

Jan 15, 2024 08:21 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share. We have a limited supply of homes for sale in our area.ย 

Have a productive January.

Jan 15, 2024 08:28 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Itโ€™s a great post. Thank you for sharing!

ย 

Have a super fantastic week!

Joe Jackson, Realtor-KWCP

Jan 15, 2024 10:04 AM
Richard Weeks
Dallas, TX
REALTORยฎ, Broker
Great information, thanks for sharing.ย  I hope you have a great day.
Jan 16, 2024 04:10 AM