The Modesto real estate market in 2024 has shown remarkable resilience and adaptability. Sales activity has remained steady, with a balanced number of listings and pending transactions.
Many homes are being priced competitively, driving a healthy flow of buyers into the market.
Sellers have also been proactive in preparing their properties for sale, ensuring attractive presentation and pricing strategies to meet buyer demand. This equilibrium between buyers and sellers has contributed to a relatively stable market throughout the year.
On average, homes in Modesto are spending around 30 days on the market before going under contract. While this represents a slight increase compared to previous years, it indicates a shift toward a more normalized market.
Buyers are taking a bit more time to evaluate options, but well-maintained and competitively priced properties continue to move quickly.
For sellers, this highlights the importance of proper staging and accurate pricing to reduce time on the market.
Currently, the months of inventory in Modesto hover around 2.8, substantially higher than that year-ending figure of 1.6, indicating a seller’s market. This figure suggests that if no new listings were to come on the market, it would take less than three months to sell all existing inventory.
While this is still below the threshold of 4-6 months typical of a balanced market, it reflects ongoing demand coupled with relatively low inventory levels. Both buyers and sellers should stay attuned to market trends as we move through 2025.
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A quick guide to buying a home
Buying a house is a big decision, but with some basic steps, you can make the process easier. Here’s a simple guide to help you navigate buying a house:
Determine your budget: Before you start looking at houses, figure out how much you can afford. Consider your income, expenses, and any debts you have.
Get pre-approved for a mortgage: This will give you a better idea of what you can afford and make you a more attractive buyer to sellers.
Find a real estate agent: A good agent can help you find houses that meet your criteria, negotiate with sellers, and guide you through the buying process.
Start house hunting: Look for houses that fit your budget and meet your needs in terms of size, location, and amenities.
Make an offer: Once you find a house you like, work with your agent to make an offer. Consider factors like the condition of the house, the current real estate market, and the seller’s asking price.
Get a home inspection: Before closing the deal, hire a professional to inspect the house for any issues that could be expensive to fix.
Finalize the mortgage: Work with your lender to finalize your mortgage and ensure all necessary paperwork is in order.
Close the deal: Sign the final paperwork, pay any closing costs, and take possession of your new home.
Move in: Once you’ve closed the deal, it’s time to move in and start enjoying your new home!
Remember, buying a house can be a complex process, so don’t hesitate to ask questions and seek guidance from professionals along the way.
Interested in buying or selling a home? Click here to book a 30-minute meeting to get started!
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Ed Justen -DRE: 02221512 - Affiliated with Keller Williams. Portions of this blog post created via artificial intelligence and lightly edited by the post author. All information presented here sourced from publicly available websites , including the CAR Market Minute Write-up