Hughes Landing Market Report February 2025

Across the board, inventory remains a bit slim but it is slightly improving. Despite mortgage rates that have continued to be somewhat volatile, buyers have not been intimidated. Sales might not be what you'd describe as "booming" but they were strong this month in comparison to this same time last year. Seeing the market gain some steadiness is encouraging! Mortgage rates are hovering around 7% for the average buyer with a 30 year loan. While this number isn't quite exciting to most buyers, it seems as though many buyers have accepted that the rates are not likely to plunge anytime soon, so they might as well move forward before prices continue to rise and inventory shrinks.

Sellers: knowing that there tend to be fewer sales before Spring arrives means that you have an opportunity to really shine if you prepare, position, and price your property right. Since there are fewer sales, it means you will need to be razor sharp in your execution of marketing your listing. If you do this, you stand the chance of being the premier available property for the buyers that are out there. This might mean taking a quick review of your home's presentation and perhaps making a few adjustments in an effort to beat out the competion and be on the list of sold properties in February!

Buyers: Knowing that sales are typically slower in the first part of the year, means that you have a fantastic opportunity right now. If sellers have been on the market since before the holidays and are not getting as many showings and offers as they'd like, then you probably have a good chance of being able to negotiate favorable terms for your home purchase! The more buyers that enter the market, and the more activity that sellers get on their homes, the less negotiating power you will have in your pocket. That being said, don't delay! If you wait, you just might miss the chance to get your best deal.

Experts in finance, economics, mortgages, and real estate are predicting that interest rates will not go down much this year. We are not expecting to see numbers in the 5% range even by the end of the year. While it might not feel comfortable to accept that a 6.5 to 7% rate might be what's available, it is refreshing to consider that we might at least see less volatility in rates this year. Home prices will continue to rise though, so please consider the cost of waiting to buy later.

I'm always ready to be a resource and I'd love to partner with you (or your friends and family!) as you prepare for your next real estate move!

Best wishes to you and yours!