To The New Year!

As we approach the final days of 2023, it is likely that we’ll look back over the year and consider all that has transpired. In retrospect, it seems like every year is a whirlwind and 2023 was no different.

For Gambino Realtors, this was a year of celebrating our 100th anniversary and noting all of the changes within our industry. If we learned anything from this, it is that change is constant. There is never a time when the status quo remained for more than a brief period. Something is always changing.

In real estate we experienced record high prices due to low inventory and high buyer demand. That’s great news for current home sellers. On the other hand, we also saw rising mortgage interest rates as the Fed sought to slow inflation. That, coupled with fewer listings meant less opportunities for buyers.

Here’s some encouraging news:

It looks like the Fed has gotten close to their target inflation rate and several economists believe they will carefully and slowly lower rates later in 2024. Exactly when this will happen, and how low we’ll see rates go is still too uncertain to predict.

Likewise, recent indications are that we are seeing a few more homes coming on the market. This is a very recent trend, and we will need a few more months of activity to make sure this is not an anomaly.

It does seem that 2023 will be the turning point for interest rates and housing inventory. What does 2024 hold for real estate? The only thing we can be certain about is that it will bring change.

Jonathan R. Krause | President Gambino Realtors | 815.282.2222 | www.GoGambino.com