Still Historically Low Inventory

Available Homes For Sale in April Year-Over-Year

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What is a sellers market and are we still in one?
Simply put, it's a market where there are more home buyers than sellers. Based on basic laws of supply and demand, this means sellers have the upper hand: They will likely sell their place quickly, perhaps for over asking price, with a minimum of fuss or pushback from buyers.
(Realtor, 2018) Long Island is still overwhelmingly a sellers market. However, in certain areas we are seeing things edge towards a balanced market. 

What is the interest rate forecast for 2024?
Going into 2024, most economists agree that rates should decline somewhat at the start of the year and pull back gradually during each quarter. US News / Money 1/8/24

What impact do interest rates have on home purchases?
In 2024, with rates coming down, pressure may be eased on buyers about what they will be able to afford. As interest rates fall, you will also see sellers come on to the market as buyers. "Pent-up sellers cannot wait any longer. People will begin to say, 'life goes on,'" said Yun. "Listings will steadily show up, and new home sales will continue to do well. Existing home sales will rise by 15 percent next year." Newsweek 11/15/23

What does this mean for buyers?
Falling mortgage rates will ease some of the affordability constraints that homebuyers faced in 2023. In other good news, home prices are expected to stabilize this year – but buyers shouldn't expect them to come crashing down... Buyers may be able to close the deal without having to waive important protections like home inspection and appraisal contingencies.  US News / Money 1/8/24 

Current buyers waiting for a huge drop in interest rates are unlikely to see them in the near or even distant future but are more likely to see more buyers come into the market as interest rates slowly drop. Sellers are buyers too and will be added competition. 

There are a lot of unknowns for buyers but now may be the best time to buy  and "date the rate." Speak with a mortgage professional and see which product fits your financial needs. Discuss the possibility of refinancing when the mortgages rates hit a lower point. 

What does this mean for sellers?
At the current time, what we know is that inventory is still historically low so if a house is priced right it is likely to move quickly. 

We are already hearing from more people in the local community who are considering selling this year. That may mean more competition for sellers in terms of getting prices that we've seen over the past few years. There are a lot of unknowns but the time to sell for the highest and best may be now before the market typically upticks in the spring.