To all my ‘would-be buyers’ waiting for the right time to purchase your new home…the time is NOW! 2022 has been a rough year; with high interest rates and high inflation everyone has been tightening their budgets. If that left you on the sidelines for the purchase of a new home, then you have a great window of opportunity open to you right now! Yesterday, Dec. 13, 2023 Federal Reserve Chair Jerome Powell said “the central bank will leave its benchmark interest rate unchanged.” That means that mortgage rates are poised to come down beginning in 2024. He went on to say, if the economy continues in the direction it is headed, the projection is for a 4.6% rate by the end of 2024, a 3.6% rate by the end of 2025 and 2.9% Federal rate by the end of 2026. See The Wall Street Journal video clip here.  When the rates go down buyers on the fence will flood the market. Demand will go up, material will go up, and prices will also go up. Even in this challenging economic environment, homes across Sussex County Delaware have still seen steady appreciation; with an average increase in home prices of 5.58% over 2022 and an average 12% increase in pricing across all counties combined.   Although inventory of pre-owned homes is still low, maybe there is one that is right for you. This also means that 2024 will be a great time to sell if you have been thinking you need or want to! In this window of opportunity with a slower market there is room for negotiation on pre-owned homes and if you are interested in new construction many builders are offering significant incentives and price reductions to make up for the overall slow year.   BUY today and refinance in 2024 before the rush to buy creates strong competition and higher prices. Call me today if you want to take advantage of a great time to purchase your new home or are interested in selling your home in the New Year! Happy Holidays to all and a very Happy and Prosperous 2024! Dedicated to Service - Your Lifestyle Agent, Joyce

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