And just like that, the holiday season is here! Another year is almost in the books — it’s amazing how quickly time flies. So, what’s happening now in the real estate market, and what might we expect in the months ahead? Let’s dive in.

Currently, the demand for housing remains strong. Even during Thanksgiving weekend, buyers were actively attending open houses and scheduling showings across the area. Interest rates have stabilized, and buyers seem to be adapting, even as prices remain at record highs. Why are prices climbing despite higher interest rates? It all comes down to inventory — or the lack of it. While lower inventory is typical during this time of year, we’re seeing even fewer homes available than in many recent years, excluding last year. This scarcity is putting upward pressure on prices.

Looking ahead, the real estate market will largely be shaped by interest rates and potential shifts in policy as we approach 2025. If rates decrease, demand could increase, driving prices higher and creating a more competitive market. Conversely, higher rates could lead to reduced demand, longer listing times, and potentially stable or lower prices. Adding to the mix, a new administration on the horizon brings the possibility of impactful policy changes. Historically, new leadership has often introduced initiatives to stimulate the housing market, such as programs to boost inventory, encourage homeownership, or make financing more accessible. While specifics remain uncertain, both interest rates and policy shifts will play key roles in shaping a potentially exciting and favorable environment for buyers and sellers alike.

On another note, you might wonder if now is a good time to sell your home. The answer depends on your situation. If you need to move soon, now is a great time. Buyer demand is high, and those looking during the holidays are typically serious buyers, not just browsers. Additionally, homes often look their best when decorated for the season, which can help make a strong impression. However, if you simply want to sell, waiting until after the holidays could be beneficial, as the buyer pool isn’t likely to disappear unless rates climb significantly. Either way, I’m happy to discuss your options and help you decide the best path forward.

As we wrap up the year, I wish you and your loved ones a joyful holiday season filled with warmth, laughter, and cherished memories. Happy Holidays!