As we head into 2025, buyers are seeing more favorable conditions due to an abundance of inventory, which has resulted in lower home prices and reduced competition.
Despite an increase in available homes, the market is experiencing a slowdown; December saw the typical home listed for sale for 70 days, indicating reduced urgency.
The persistent high mortgage rates are deterring new sellers and limiting buyers’ purchasing power, leading to a quieter market compared to previous years.
The surge in home listings has not translated into significant buyer activity, as many are cautious due to escalating borrowing costs, complicating the overall market dynamics.
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