“New year, new opportunities” is a common phrase used to describe the excitement and hope that comes with the start of a new year. Despite the challenges of the past few years, we should remain optimistic and believe that 2024 will be a better year.
In 2023, the housing market was greatly affected by the “mortgage rate lock-in effect,” which caused the industry to slow down and led to a decrease in inventory levels and home sales. This phenomenon was primarily due to the sub-5% mortgage interest rates that 85% of current mortgage holders were locked into, which prevented them from selling their homes and buying new ones at higher interest rates. However, there are signs that market conditions will be improving this year. As we enter the new year, my family and I would like to wish you a happy and prosperous year ahead.