SIOUX FALLS, S.D. (KELO) – Existing-home sales in the United States seem to be trending upward after mortgage rates fell late this Summer and early Fall.
Larissa Luther, president of the Realtor Association of the Sioux Empire, says, overall, 2024 was a good year when it comes to listings and pending sales.
“Our pending sales in November were actually up 25% over last year this time,” Luther said. “So that means we’ll have a higher amount of closed sales going into December and January which will be great heading into the new year with positive numbers like that.”
She says they are also seeing a little more inventory as compared to previous years, but the market is still falling short in some areas.
“If you look around it’s still definitely a seller’s market,” Luther said. “We could, like I mentioned, use more inventory especially in that under $300,000 area. That particular part of the market, we just don’t have enough houses in that area.”
Buying a house can be intimidating, especially for first-time buyers. However, Luther has this advice for anyone thinking about taking that plunge in 2025.
“I’ve had many clients throughout the years that have said, ‘I just don’t think it’s the right time’ and I say, ‘well let’s just talk about it,'” Luther said. “Let’s look at what you’re paying for rent versus what it would cost to buy a home, talk to a lender let’s see what you can do and oftentimes they’re like, ‘oh, that is. If I just cleaned up this little bit of credit or if I did this a little bit differently.’ I think it’s often more possible than people give themselves credit for.”
As we head into 2025, the Federal Reserve once again cut rates last week — this time by a quarter point. However, Luther says that won’t necessarily impact mortgage rates.
