2024 Real Estate: Navigating the Market Transition

By Nathan King

Nathan King, a native of Fresno, has spent his entire life immersed in the vibrant Central Valley community. Nathan loves spending time with his family and helping his clients achieve their real estate goals.

Understanding market types is crucial for both buyers and sellers. Generally, there are three types: a seller’s market, a balanced market, and a buyer’s market. While the balanced market often serves as a transitional phase, the focus typically shifts between the seller’s and buyer’s markets.

As of now, we are experiencing what appears to be a short-term balanced market, gradually transitioning into a buyer’s market. The intensity of this upcoming buyer’s market is likely to be influenced by inflation rates in March 2024 and potential further interest rate hikes.

In a buyer’s market, it is essential for sellers to avoid chasing the market downward. This means that in a shifting market, pricing ahead of the curve is key. Sometimes, this could involve setting the initial asking price slightly below the current market value.

Overpricing in a shifting market can be a significant risk. It often leads to prolonged market exposure and can result in a lower eventual sales price. On the contrary, underselling is seen as a lesser risk. The price you get now is likely the best you can achieve; waiting might only lead to lower offers.

Sellers need to understand that they are in a race against time, especially in a market with falling home values. Falling behind can mean chasing the market down, as home values tend to decrease faster than the rate of price reductions.

If you’re considering selling your property in the next year or two, it’s crucial to develop a strategy tailored to your individual situation. To maximize your property sale profits in this evolving market, call or email us to discuss your specific circumstances and the best approach for your sale.