Today’s chart from the Cromford Report shows us how 2024 compares to the four previous years.
A favorite market indicator for me is the notices of trustee sales that have been filed compared to what actually sold. While the notices did go up, the sales of foreclosure homes are about the same. This is largely because people have equity in their homes. If they can’t get caught up, they can easily sell their property before being foreclosed upon.
All other indicators really don’t show much change in the last 3 years. We can also see that the cost of homes is increasing each year. Many investors are still out there looking for homes at a reduced price. I can get as many as 3 calls a day from investors looking for off-market properties.
Many people are waiting and watching. Real Estate is NOT a spectator sport. If you are considering buying, this may be a great time to jump in.
You may not like today’s interest rates but you can count on two things happening. The rates will come down and you can refinance, or the rates will go up, and you will be happy you purchased when you did.
