My Favorite Subject...
We've officially crossed the halfway point in 2024! I think it's a great time to talk about my favorite subject...REAL ESTATE!
Realtors, buyers, and sellers have had so many bumps/challenges in the road this year...high interest rates, high homeowners premiums, high flood insurance premiums and now potentially higher property taxes. Buying and selling real estate has certainly been affected. Let's look at the numbers...
As of 8-30-24, active listings have increased year to date by 11.7% for a total number of 2,297. With more homes available to purchase it makes sense that our days on market would increase, and they have. Average days on market year to date is 77 compared to 69 days in 2023. We are definitely moving to a more balanced market where buyers and sellers have an even playing field. As you've probably heard, the Federal Reserve Chair (Jerome Powell) has stated that they will start to reduce interest rates very soon. As these rates fall, I predict buyers will become more aggressive in their home searches and we may return to a seller's market. However, with the upcoming presidential election there could be more uncertainty. Only time will tell...
In addition, we've seen some changes in Acadiana effective July 15th. For those unaware, here's a quick recap. The National Association of Realtors (NAR) proposed a settlement as the result of a lawsuit which accused realtors of price fixing. Price fixing was the accusation because the way most transactions were set up was that the seller paid an agreed-upon commission to the listing agent and the listing agent, in turn, shared a portion of that commission with the buyer's agent. The accusation of 'price fixing" came from the fact that the seller never was allowed to negotiate with the buyer's agent on the amount of their compensation.
As a result of this proposed settlement, two changes occurred on July 15th, 1) the removal of the compensation field from the MLS and 2) the need for every buyer to sign a Buyer Agency Agreement before being shown a home. I'm happy to speak to any of you if you have specific questions on these two items and how they've made (or NOT made) real estate transactions more transparent!
Sooooo many changes in 8 months! It's more important than ever to hire a REAL professional. Thanks for trusting me...send you friends/family/coworkers my way if they're looking for a true, knowledgeable professional to guide them through this crazy real estate market!
