Winning Over 2024’s Challenging Real Estate Market

If you’ve considered a move within the last several years, (or seen the news, for that matter) you are likely all too familiar with real estate headlines that have dominated the post-COVID landscape: sparse inventory, sky-high prices, and endlessly elevated interest rates. 

While there is no denying it’s been a memorable moment in history for current and would-be homeowners in the tri-state area, life has continued to march on, as it does. While some are reluctantly clinging, bound by golden handcuffs, to homes with a now obsolete 3% interest rate, others have continued to move up and out of properties that no longer suit their needs, unphased. Cash transactions have become plentiful and solutions have become creative.

“Regardless of timing or circumstances, success is always possible, with the right approach.”

Here are a few pro tips for ‘winning over’ the 2024 real estate market in Connecticut & New York:

1. Find Your Perfect Partner

Any successful home search begins with proper professional guidance. Engaging a local Realtor® will best prepare you for the home selling/buying process, provide valuable access to essential transactional partners and ensure the strongest possible position when entering a negotiation. The most effective agents will not only have deep experience and extensive market knowledge within your target communities, but also understand YOU – your needs, wants, goals, objectives, and mindset. Approach, method of communication, work-style, scope of service, level of engagement and accessibility vary widely from one Realtor® to another. Find a fit that works best for you and your family. 

“Good chemistry is as important as great credentials.”

2. Be Flexible

As the old adage goes, “time is money.” Every real estate transaction is an artful dance of achieving multiple goals within desired timing.  Whether buying or selling, be mindful of the opposing parties’ mindset, objectives, and timeline – adapt and be flexible whenever possible. Similarly, keep an open mind on your own journey, timeline, and plan. Those who are responsive and adaptative to the landscape – seizing opportunities and operating nimbly on moving mechanics – will continue to be successful. Short-term sacrifice for long-term gain.

3. Be Prepared

Adhere to conventional wisdom, heeding “Dos” and “Don’ts” when selling or purchasing a home. Lean on your Realtor® to arm you with ALL the knowledge; market reports, community comparisons, comparable sales, “watch outs” and key considerations associated with your property and personal situation that don’t shine through in the data. Stay on top of routine home maintenance, get pre-approved early, challenge your lender on creative financing solutions. Avoid major non-essential financial transactions, do not rely on inaccurate online algorithms, and be prepared for anything. 

“Expect the unexpected and be ready to pivot.”

4. Know Your Needs

Have champagne taste on a beer budget? Don’t we all. Now, more than ever before, understanding your needs vs. wants is critical to success. This applies to both deal points within an active negotiation as well as qualities evaluated in a prospective home.  Buyers need to subscribe to the 80% rule.

Whether your budget is $5,000,000 or $500,000, it’s unlikely you will find a home that checks every single box on your wish list. Identify key attributes and qualities that are essential and differentiate between what can be changed and what cannot. Don’t lose sight of your bottom line: why you are moving in the first place & what value you absolutely need to take with you. The bidding process can be volatile, with twists and turns, so maintain clear communication throughout to ensure for a favorable outcome.

5. Maintain Transparency

Not sure it’s time to move? Trying to determine if it makes sense?  Struggling with affordability? Having second thoughts? Be open and honest with your partner or other decision-maker and agent as you explore options and scenarios. Every individual and family are unique – there is no “one size fits all” when it comes to selling or buying a home. Don’t suppress fears, concerns, worries or internal differences of opinion along the way. Discuss dynamics real-time; acknowledging and balancing emotions is as important as the deal points. A great Realtor® understands this, helping clients process each step while serving as an advocate, safeguarding best interests before, during and after a transaction.

“The right partner is focused on delivering a high-quality experience, not scoring a quick commission.”

Ultimately, success is always possible with the right resources and mindset. On the same token, a move in 2024 may not make sense for everyone. Carefully evaluate options, benefits, drawbacks, and costs to determine whether the time is right for you.