Last week was supposed to be the Best Week To Buy a Home in 2024 ,
according to Realtor.com, and while we saw activity pick up on our listings, it was not
the wave we were hoping for.

Industry experts have been talking about what it will take to move the needle and
convince buyers to start actively buying homes again, and the general consensus is that
interest rates will need to drop by at least a point (go under 6%) to motivate buyers to
get serious about buying homes again.

According to the Greater Houston Partnership, “Single-family inventory is up 34.6
percent from this time last year and nearly triple the level of March ’22, the most recent
low point. Inventory has risen 14 months out of the last 18”. We are officially in a
Buyer’s market in Houston and homes are moving slow.

We have a saying in Real Estate, “Every home will sell in any given market,
depending on the price,” so we are faced with having to chase the market down until we
find the right price that will motivate a buyer to make the offer. This is not a great
position for sellers to be in, so I have advised several sellers in the last few months that
did not have to sell to take their homes off the market until we see another market shift.

In addition to volatile interest rates, we are also in a presidential election year,
which typically slows our real estate market down. We all have a lot on our minds:
inflation; the election; war in the Middle East…

At Energy Realty, we understand that everyone needs a place to live, whether
they rent or purchase, and we are here to offer the professional guidance you need.
Realtor.com is correct though, this is a great time to buy a home with home prices and
interest rates dropping.

Statistically, following an election, home prices increase by 10% in January, and if
interest rates drop, you will be competing with a lot more buyers. A professional Realtor
doesn’t just open doors and find homes, they are by your side every step of the way to
protect your best interests in the largest purchase your will make.