Let’s chat real estate! Diving into a local real estate snapshot for December 2023 – sales were down slightly, yet prices kept climbing! Low inventory and steady buyer demand pushed prices skyward throughout 2023. Interest rates also played a starring role in this past year’s shifting market, hitting 8% in the early fall. With rates stabilizing into the mid-6% range as we head into 2024, there’s good news for both buyers and sellers eyeing the market!
Peering into the crystal ball for 2024 - what’s on the horizon? Projections hint at interest rates trending downward, a potential inventory uptick, and continued price growth. Between rate shifts and a new year upon us, there is hope and optimism for a resilient 2024 market. Whether you plan to buy or sell in the new year, here are a few things to keep in mind:

Buyers: Rates are dropping, which is great news, however, with rate shifts comes increased competition. Now is a wonderful opportunity to get into the market and start the process with a local agent before rates continue downward, increasing buyer traffic! Be prepared and ready to jump as inventory picks up and rates become more affordable.
Sellers: With the current low inventory, now is a wonderful time to list! Before the potential uptick in inventory, get your home ready to list before buyers have more to choose from! Rate shifts have helped increase buyer demand and will give you more purchasing power on the other side of your sale.
As we know, the real estate market in Southern Maine has remained fast-paced and unpredictable. Be sure to have an experienced agent by your side to help you prepare, navigate, and negotiate today’s market. Planning to buy, sell, or simply curious about the market? Reach out anytime, we would love to hear from you! We are here to be your local real estate resource!