🤯 Last week something HUGE happened that’s directly impacting local home sellers!
In case you missed it…
…Fed Chairman Powell announced the expectation of 3 rate cuts in 2024.
This is BIG news!
The markets immediately responded, and mortgage interest rates dropped significantly following the meeting.
In my market update from last month…
📉…I mentioned that mortgage rates could drop under 7% before year end.
That’s exactly what happened!
But, with last week’s announcement, they’ve fallen even lower than I anticipated.
Mortgage rates are currently averaging around 6.6%…
…and they’re expected to drop into the 5’s in 2024.
So, what does this mean for local home sellers and home prices?
⚖️ It all leads back to supply and demand.
The lower rates go, the more home buyers will enter the market.
This pushes the supply vs demand equation in a direction that favors sellers more powerfully.
Consider that just last week there was a 19% surge…
…in mortgage applications compared to the previous week.
🚀 So, the demand is already starting to ramp up.
On the supply side of the equation, I expect local housing inventory to remain low in 2024.
That’s because so many homeowners will remain locked into 3% – 4% interest rates.
This means local home sellers can expect multiple offers and very strong outcomes…
…when your house is strategically priced and marketed powerfully.
That’s exactly what happened with my recent clients, Laurel & William.
🏡 These lovely siblings recently sold their family home at 1629 Camden Parkway in South Pasadena.
Both Laurel & William live out of the area…
…so they relied on me and my team to coordinate all the work needed to prepare their house for sale.
That meant recarpeting, painting, hauling, home staging and much more.
Once the house was looking its best, I identified a listing price that would draw in maximum interest…
…and I applied my proven marketing process.
😍 This included professional copywriting, gorgeous photography, a custom video tour, and more!
Click here to see the video.
Sure enough, within 13 days of going on the market…
…their home was in escrow after receiving 8 very strong offers well over the asking price.
Just last week, 1629 Camden Parkway officially sold at $2,850,000.
William and Laurel are so pleased with how everything unfolded for them!
🥳 Here’s what they had to say:
“Eva and her whole team are incredible! They made smart and thoughtful choices, showed expert-level knowledge about the market, listened, kept us informed, and handled everything – large and small!”
-Laurel White
For home buyers, it’s important to know that competition is going to increase in 2024 as rates drop lower.
That means it will be more critical than ever to work with an agent who is expert at making YOUR offer stand out…
🤝…so you have the best chance of getting it accepted.
What’s more, your agent needs to be skilled at identifying off-market opportunities for you.
If you’re planning for a home sale or purchase in 2024, I’d love to help!
You can reach me at 626-807-6581.
Thank you so much!