Happy Fall Y’all! The real estate market is heating up as we roll into fall, and if you’re thinking about buying or selling a home, you’re in the right place! I’m Steph Saunders with The Key Team at Compass, and this is your October 2024 Upside/Downside Real Estate Report. Whether you’re a savvy buyer ready to jump into the market or a seller thinking about cashing in on a A(still!) hot market, this month’s insights are for you.
Upside for Buyers: 🎉 Lower Interest Rates!
That’s right! The interest rates have finally taken a dip, and they’re the lowest they’ve been in a year and a half. We’re seeing them hover around 6-6.5%, which means now is the perfect time to get in touch with a trusted lender to discuss your options for the rest of 2024 and early 2025. Need a referral? Check out my trusted vendor page.
What does this mean for buyers? Lower rates give you more buying power, meaning you can afford a higher-priced home or save money on your monthly payments. But here’s the kicker—if you’re not working with an expert buyer’s agent, you might miss out on some serious opportunities, including those available off-market. The Greater Boston real estate market moves fast, and you need someone in your corner who knows the ins and outs of negotiating, navigating contracts, and finding hidden gems before they even (or ever!) hit the market.
Feeling overwhelmed?
No worries, I’ve got you covered. Start with my free buyer’s guide packed with tips on how to make the most out of your home search.
Downside for Buyers: 🏃♂️ The Need for a Savvy Agent
While interest rates are trending in your favor, the downside is the competition. With more buyers entering the market, it’s more important than ever to work with a savvy, experienced agent who can guide you through this fast-paced environment. You don’t want to fall into the trap of overpaying or missing out on your dream home.
The solution?
Partner with a local expert who knows how to navigate the market to your advantage. (Hint: I know just the agent 😉) Whether it’s making the right offer or helping you find homes before they’re officially listed, we’ll make sure you’re ahead of the game and taking home the grand prize.
Upside for Sellers: 💥 Buyers Are Back and Ready!
Sellers, rejoice! The buyers are back—and they’re hungry! With the drop in interest rates, we’re seeing more motivated buyers coming back to the market, eager to purchase before the end of the year. This is great news if you’re thinking of listing your home soon. With the right preparation, you could be looking at multiple offers and a fast sale.
Downside for Sellers: ⏳ Limited Vendor Availability
Now, here’s the downside: If you need to do some prep work before listing your home—whether it’s painting, repairs, etc—vendors are booked solid through the end of the year. That’s right, handymen, painters, and carpenters are mostly booked out until 2025. So, if you’ve been dragging your feet on getting your home ready, you might face some delays.
Hot tip for sellers: If you’re planning to sell in the spring, don’t wait until the last minute to get your home market-ready. Now is the time to book those vendors, secure your handyman, and make those updates. And if you’re not sure where to start, I offer a free staging consultation to help you get your home looking picture-perfect. Trust me, those first impressions matter when your home hits the market!
Final Thoughts The real estate market is full of opportunities right now, but like anything, there are upsides and downsides to navigate. Whether you’re a buyer looking to take advantage of lower interest rates or a seller aiming to capture the attention of eager buyers, having the right team by your side makes all the difference.
If you’re ready to make a move—or just want know your current homes equity—give me a call, and let’s discuss! You can contact me at 978-641-1114 or email me at [email protected], and don’t forget to download my free buyer’s guide and free seller’s guide updated exclusively for Fall 2024. I’m Steph Saunders with The Key Team at Compass, and I’m here to make sure your real estate journey is smooth, successful, and (dare I say?) fun!
Until next time, stay tuned for the next Upside/Downside Real Estate Report—and happy house hunting!
