January Newsletter 2024

"Every time you tear a leaf off a calendar, you present a new place for new ideas and progress"
- Charles Kettering

Bye-Bye 2023 // Hello 2024

2023 ended with full hearts and sleepless nights as baby Grace is learning how to sleep at night instead of when the sun is up.  Leo made the official 53-man roster for the 49ers who we both are hoping will make the Super Bowl next month (fingers crossed).  Finally, I wanted to wish you all a Happy New Year filled with new beginnings as we turn the page on yet another 365 days!

This past year encompassed one of the toughest and most difficult 12-month stretches that we've seen in over a decade, in relation to real estate transactions.  While the year didn't start off too bad, as the months ticked by, things slowed quite dramatically.  'Pessimism' is the word I would say defined 2023.  Home-buyers were reluctant to move forward with soaring interest rates and Home-owners were reluctant to move anywhere they would have to take on a higher interest rate than what they already had secured. 

As predicted, even with the easing of interest rates toward the end of 2023, it still didn't stimulate much activity.  In my opinion, this is due to how high and how quickly the Fed raised interest rates.  But, as we rounded out the year, good news appeared to be on the horizon.  For first-time buyers; waiting may cost you as we trek further through 2024.  Rates are likely to continue their downward trend, it's quite commonly known that multiple rate cuts are expected this year.  This, coupled with buyers/sellers who decided to sit 2023 out, should make for increased activity as hybernation comes to an end.  

What's Next?

The past is never a perfect predictor of the future, but it helps in  recognizing trends and direction.  A soft landing appears to be the most reasonable outcome in this fight against inflation and rate hikes.

In looking at the two charts above, economic factors are materializing in a positive order.  Unemployment ended 2023 at a 53-year low and our U.S. economy added approximately 2.7 million jobs.  While these numbers look great from an economical standpoint, it will likely cause rates the fall, but not at the velocity that many had hoped for.  In the 'balancing' of this phase of the cycle, we aren't seeing as many extreme factors (like 9% inflation reports, soaring gas prices, supply chain disruptions, etc...), and that will cause for fewer drastic moves from the Fed. 

As bank fears of rate hikes continue to subside and we see an 'easing' slowing take place, I would predict we will see a steady recovery in the housing market as confidence returns day-by-day. 

Join us on February 3!

We are officially less than a month away from our 2024 Vendor Fair! 

I invite you to join us on February 3 to meet trusted professionals that can help with a wide array of home projects. This is a free event with food, drinks, and plenty of time to bring your questions for a one-on-one conversation with our network of experts in their field.  

Some examples of those joining us will be: Roofers, Landscapers, Plumbers, Electricians, Painters, Drywall texture/repair, Custom Hardwood Flooring, and many many more!  

Please RSVP by emailing me: Travis.Carey@Compass.com

Best of luck to you and your loved ones as we set our eyes on new goals and challenges in 2024!

Travis Carey

Broker Assoc.
M: 607.435.5113
travis.carey@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.