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THIS MONTH: DECLUTTER AND ORGANIZE YOUR HOME BEFORE SPRING
The term "Spring cleaning' invites one to consider a refresh of the Home space prior to the seasonal beginning to each New Year.
Annually, I like to invite you to start your year strong by conducting your annual decluttering and organizing in February. Hence why I love researching new methodologies and fresh approaches to taking this project on.
This year, I've included articles on tips, checklists, and even something called the "Move Out Method" to help you align your home with your goals and projections for 2025. I hope you'll enjoy these and find them helpful.
This February, the holiday spotlight also lands on Valentine's Day so I've also included articles on how to make the most of this beautiful holiday!
This month, I've also included a lot of extra events for you and your family to attend. You will find these in the Events section.
With Mardi Gras season upon us, there is no shortage of activities in our community.
ON THE REAL ESTATE FRONT
We have witnessed such unpredictability in the real estate market in the post-pandemic environment.
So I decided to do a little research on expectations and comparisons from leading experts from Realtor.com and the National Association of Realtors [NAR] on their predictions for the coming year on things like:
- Mortgage Rates
- Home Prices
- Real Estate Home Sales
For my own purposes in understanding the future landscape in order to better assist my clients -- and to share valuable information with you -- I compiled the following and hope you'll find it helpful.
At this time, these are their expert predictions for 2025:
Mortgage Rates:
- Lawrence Yun from the NAR expects rates to stabilize around 5.5% - 6.5%
- Realtor. Com expects them to stabilize around 6.3%
Home Prices:
- Lawrence Yun from the NAR expects home prices to appreciate by a modest average of 2%
- Realtor.com expects growth of 3.7%
Home Sales:
- The NAR expects an increase of 10% in sales volume year over year
- Realtor.com's predictions are significantly lower at 1.5% year over year
Other Data and Predictions:
- Modest growth in inventory
- Modest increase in sales
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Buyers who bought or refinanced during pandemic are hesitant to sell and buy at higher rates creating a "lock in" effect and thereby significantly impacting inventory
Current Mortgage Interest Rates as of January 31:
- 30 year Fixed - 7.05%
- 15 year Fixed - 6.46%
- 15 year FHA - 6.46%
To close, if I can be of assistance in evaluating, listing, selling and/or finding your new Home, I am always here to help you make the best and most informed marketplace decisions.
It's what I love to do so reach out whenever you're ready. I am here for you!
MARKET HIGHLIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
NATIONAL SNAPSHOT FOR DECEMBER
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Pending Sales - decreased 5.5% month-over-month [while in the regional South they decreased 2.7%]
- [NOTE: Last month they increased by 2.2% month over month [while in the regional South they increased by 5.2%]
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Existing Home Sales - increased by 2.2% - month over month
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Home Prices - increased 6.0% - year over year
Challenges:
- Fluctuating Inventory
- Fluctuating Interest Rates
- Financing for First Time Home Buyers
- Insurance Rates
- Ongoing Increase in Home Prices
The month of December continued to trend toward a Sellers Market with 3.3 months of Inventory [NOTE: Last month it was 3.8 so inventory has gone down]
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