New Numbers are out for the Real Estate Market!

Interesting things are happening locally! Here to break it down is Jeff Lichtenstein of Echo Fine Properties. Bottom line, what is going on with the market right now?

“Well right now the market is treading water. Locally in Palm Beach County in the last year closings were down 8% but prices are holding steady at around 2.7%. The same is happening around the country – it’s just at a stalemate right now. Real Estate transactions nationwide in 2023 were at a 28 year low. And there was 27% less population then. But interest rates are starting to fall. They were 8% in October and as of today they are at 6.69%. Once it gets below 6% we think we are going to see a ton of activity. If you’re buying right now, it means that there’s a lot of opportunity and you have a lot more choice. You have much more negotiation power. On the sell side you have to get your act together – stage your house correctly, market it right, and price it right.”