The latest Zillow market report for November 2023 brings a mix of challenges and opportunities for buyers and sellers alike. The report shows a shift in the market, characterized by decreasing monthly mortgage costs, a gradual return to normal inventory levels, and an increase in price reductions. The report also highlights regional variations in market conditions and the impact of persistently high mortgage rates on home values which in turn is impacting listing strategies. This article from The World Property Journal highlights the continual change in the real estate market and what it means to both sellers and buyers and the industry as a whole. Enjoy the article and give me a call with any questions you want help with or for any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: The World Property Journal - Repost Houterloot 12/14/2023 -
Based on the latest Zillow market report for November 2023, monthly costs for a new mortgage are falling, inventory is trending back toward normal, and price cuts are uncharacteristically common.
"Despite high-cost headwinds, buyers have a few things to be thankful for in today's market," said Zillow Chief Economist Skylar Olsen. "Home prices are cooling down faster than normal as new listings from existing owners and total inventory slowly recover. Mortgage rates are still above 7%, but price cuts are surprisingly common, and mortgage costs eased a bit. These factors favor buyers who are reluctant to pause their home search in the off-season."
Read the full article...
