We are well into the slow time in the real estate market. The holidays, lots of snow, and cold weather mean fewer home sales and fewer homes on the market. Experts predicted home sales would start to slow and the inventory of homes for sale would accumulate. They were wrong.
The inventory of houses is not accumulating because fewer homeowners have decided to sell. There seem to be plenty of home buyers even with the higher interest rates. We are starting to see buyers put their home search on hold due to job loss. The unemployment rate is very low but there have been layoffs in technology jobs.
In about the middle of January, things will start to pick up. What we call the spring real estate market is usually in full swing by the end of February.
Right now is probably the best time of the year to buy real estate, especially for cash buyers. Sellers tend to be motivated this time of year and home buyers are less active.