Why I’m Hopeful for the 2024 Housing Market
The January housing market is so random.
You might assume that the first month of a new year is a sleepy time to buy or sell a home. After all, it takes a while for the holiday brain fog to lift, and it’s so rainy, windy, and drab. Who wants to traipse through Open Houses and be in the car all day battling freaked out California drivers in the rain?
HOWEVER, when my husband and I sold our first home in Oak Park and bought our current home, we did so in January. This was before I worked as a Realtor and we needed to sell ASAP. We wanted to move. We weren’t thinking about interest rates or where the market was headed - we just wanted a different home life and saw an opportunity that worked.
Would-be buyers and sellers are increasingly aware of meta narratives around the housing market. We’re more informed than ever about a lot of things. We have tons of information at our fingertips. We are curious, value self education, and can be suspicious of the system. I think all of this is great. I like working with clients who see me less as an Answer Machine and more of a Helper. You’re buying/selling, not me. I’m here to help you plan and act. To me, informed consumers are a good thing.
Even still, a part of me mourns for today’s buyers and sellers who can’t cater first and foremost to their desire to expand their happiness and quality of life. We are doom scrolling way too much and internalizing headlines around record-high interest rates, etc. and all of this is set against the backdrop of a housing crisis, structural affordability hindrances, and a cultural shift away from the prioritization of home ownership as a way to make sense of the broken system. It seems like buyers, especially, are paralyzed by knowledge and, dare I say, a bit of hopelessness?
As a Realtor, I enter conversations with buyers and sellers with empathy and a commitment to underscoring truths, debunking myths, and cultivating hope. Because despite the expanse of negative-leaning news about housing, everyone deserves a home, access to home ownership, and assistance in getting there. I am not doing my job if I’m not hopeful despite the noise.
We find hope by looking at the parts of the market that are happening.
I worked as a Listing Agent this month in Sacramento. My clients enlisted me to prep, market and sell their home for top dollar. Initially I was a bit concerned about January being a downer of a month for anything except Netflix binging, soups, and cozy socks. It takes a lot of mental energy and emotional fortitude to buy or sell a home and that’s a big ask for the most bummer-ific month of the year. But, I looked at the data and realized that there was absolutely no reason to wait to bring my clients’ property to market: even with record-high interest rates in October 2023, homes sold. Just like me and my husband all those Januaries ago - when people want to move, they move.
My clients’ listing came on market in early January with - surprise - a swell of other listings. HOPE! More listings!
My clients’ listing welcomed 14 private tours in the first 3 days on market. HOPE! Buyers are shopping, even in the rain!
My clients’ listing welcomed over 20 guests over three Open Houses. HOPE! Buyers are prioritizing Open Houses, even when there’s no sign on a property. This means they’re talking to their agents and that means they are preparing to write offers.
My clients’ listing garnered a strong offer within 2 days of being on market. HOPE! Buyers and their mortgage advisors are in communication and writing deals that aim to close as soon as possible.
My clients’ listing is set to close on time, in under 30 days. HOPE! HOPE! HOPE!
Do yourself a favor and assume that you can be part of the housing market that is happening. You’ve got nothing to lose when exploring your options and talking to me about your best moves to increase your quality of life with a new home.
Choose to be hopeful about the 2024 Housing Market. I am!
