2025 Real Estate Market Update with Kathy Oakes

SummaryIn this episode, Allyson Spencer interviews Kathy Oakes, owner of Greater Impact Realty, discussing the real estate market trends for 2024 and 2025. They explore the impact of interest rates on buyers, inventory trends, economic factors influencing the market, and the dynamics of the rental market. The conversation emphasizes the importance of realistic expectations for buyers and sellers and highlights the growing demand for short-term rentals in the region.TakeawaysThe average first-time home buyer age is now 36.Interest rates significantly impacted purchasing power in 2024.Sellers had to adjust their expectations due to market changes.Days on market increased, indicating a shift in buyer behavior.New construction prices are expected to rise due to tariffs.Inventory levels are increasing, providing more options for buyers.The rental market remains strong despite economic challenges.Buyers should be pre-approved to understand their budget better.Sellers should consider making repairs to increase home value.Short-term rentals are in high demand, especially for contract workers.