The Neighborhood Connection: December
GREETINGS, Winter!
As we embrace the vibrant essence of Autumn in the stunning Pacific Northwest, we are thrilled to present the latest real estate statistics and shed light on noteworthy developments in our region.
Minus the frequent rain, this season holds a special place in our hearts. It welcomes cooler temperatures, trees donning their breathtaking autumnal hues, the anticipation of holidays, and a shift towards gratitude and optimism as we approach 2024.
As I draft this note, I find myself soaring to New York City, en route to celebrate alongside 100 esteemed colleagues. We gather to honor the top 100 Real Estate Brokers and Teams worldwide at Sotheby’s International Realty. This opportunity humbles and excites me, as I look forward to learning and sharing laughs with this exceptional group of individuals. Sotheby’s is more than just a global network; it’s a close-knit worldwide family that I have chosen and come to love. I can’t wait to share the details of this journey in my next newsletter!
In the realm of real estate, 2023 has been an unpredictable roller coaster. In the past month, we successfully secured contracts for the majority of our listings and had the privilege of representing numerous buyers in finding their new homes. Among them,
we navigated a new construction presale and, interestingly, submitted a preemptive (or “exploding”) contract, recognizing the potential for multiple offers based on market indicators. We wanted to proactively address this competitive situation, resulting in the most positive outcome.
Inventory continues to be exceptionally constrained, leaving many buyers in a challenging quest to find their dream homes. We expect these trends to continue through the balance of 2023 and into Q1 2024.
Regarding interest rates, there’s a glimmer of hope on the horizon. In the first week of November, the Federal Reserve decided not to make further upward adjustments to rates. As a result, we’ve seen a welcomed decrease in mortgage interest rates. Looking ahead, the consensus suggests that the Fed will maintain this rate at their upcoming meeting on December 13—a prospect we are eagerly hoping for.
Forecasts for 2024 are encouraging. Fannie Mae predicts that 30-year mortgage rates will hover in the range of 6.7-7.1%. The Mortgage Broker’s Association anticipates a drop to 6.1% by the end of 2024, and the National Association of Realtors is even more optimistic, forecasting a decline to 6%. This bodes well for the real estate market, especially as many potential buyers have been awaiting more favorable rates. With limited inventory growth expected this year, we foresee increased competition among buyers, solidifying a robust seller’s market.
Real estate is consistently hyper-local, emphasizing the necessity of a dedicated advocate equipped with deep market insights to help you achieve your objectives. If you have any inquiries or need support with your real estate endeavors, please don’t hesitate to get in touch. We are here to assist you – and always at the ready to help!
Warm regards, Michele
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