2 Out of 3 Homes Are Just Sitting…

The housing market is experiencing notable shifts, and I wanted to share the latest trends with you. Recent data shows that 60% more homes are sitting on the market compared to 2023. This change could impact your real estate decisions, so here's a closer look at what's happening:

Positive Developments:

• Inflation is cooling down, which has led to a slight decrease in mortgage rates. While rates are still higher than the 2-3% we saw in previous years, this improvement is encouraging for potential buyers.

• Increased Inventory: There are more homes for sale now, providing buyers with greater options and reducing competition. This means you may have more time to find your ideal home.

Current Market Dynamics:

• Nationwide, over 40% of homes listed this summer have been on the market for at least 60 days, marking a significant increase from last year. This is the largest annual rise in nearly a year. While this might feel challenging, it's part of the natural ebb and flow of the market.

What Does This Mean for You?

• Buyers: More homes on the market can offer more choices, but affordability remains a key challenge. With higher mortgage rates, it's crucial to budget carefully and explore financing options.

• Sellers: You may experience longer selling times. It's normal to see extended market periods, so don’t be discouraged if your home doesn’t sell immediately. Partnering with a knowledgeable agent can make a big difference.

Hot Market Picks:

Quick-Sell Highlight:

• Property Address: 638 Shorewood Dr, Seabrook, TX 77586

• Price: $880,000

• Days on Market: 6 Days

• Features: 3 bedrooms, 3 baths, beautifully updated with an open concept living area, modern kitchen, and spacious backyard.

• Why It Flew Off the Market: This move-in-ready home in a sought-after neighborhood offered recent upgrades and a competitive price, making it a hot commodity.

Potential Deal

• Property Address: 606 Bradley St, Seabrook, TX 77586

• Price: $150,000

• Days on Market: 71 Days

• Features: 1 bedroom, 2 baths, cozy yard, with a vintage charm but in need of some updates.

• Why It’s Still on the Market: This property might need cosmetic improvements, which could deter buyers looking for a turn-key home. However, it presents a great opportunity for those willing to invest in minor renovations.

Opportunity in the Market: Despite the current challenges, the real estate market remains ripe with opportunities. Whether you’re considering buying, selling, or investing, there are still ways to capitalize on market trends.

If you have any questions or are thinking of making a move, don't hesitate to reach out. I’m here to help with your real estate goals and provide personalized advice.

• The Gems at Black Diamond Real Estate Group