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Mortgage rates remained below 7% for the ninth straight week, but will that be enough to get potential home buyers off the sidelines? I want to bring in Jenna Stauffer, who is the Sotheby's International Realty Global Real Estate advisor. Jenna, good to see you once again here. Thanks for joining. Will this unstick or at least alleviate some of the market here?

There are still going to be a lot of challenges in the housing market. I think there has to be things besides just lower rates to really get the market moving. Look, one of the big things that's happening in the market right now is there is a lot of economic uncertainty. We really have all the markets they're in flux. You've got the bond market, stock market, the housing market, people don't like this uncertainty. They really want to feel financially secure before they enter the housing market, before they make one of the biggest investments in their life. So I think that that's something that we have to have happen is there has got to be more certainty and less volatility going on.

Certainly. And so what does the the latest kind of roundup of data really tell you and and especially as we're thinking about next week economic data too, your expectations from home prices and new home sales?

So, well, I think, you know, again, the market is being defined by this economic uncertainty, but something that's also happening, we just got the latest read on existing home cell data and that actually surprisingly had a jump in the month of February. So it was a 4.2% jump from where we were in January. So I think that does tell you that there are people that are tired of waiting on the sidelines. There's people that are tired of trying to time the market and and they're going ahead with decisions. Of course, I I think in terms of, you know, what happens with interest rates, what happens with the economy, there's just so many moving parts. We're in transition right now. So it's just really going to be dependent on the health of the economy to see what happens with with new numbers that will be released.

From the buyers that are coming off the sidelines, are their keys to the purchase that you're hearing them continue to cite right now?

So I would say that something that it's the market is so uh localized. There are so many pockets of the country where it is turning into a buyer's market. It's becoming much more buyer friendly. So I think that there are buyers out there that are finding some opportunities. They're seeing homes that are sitting on the market for longer, they're saying a lot of price drops happening. Uh they're getting some great opportunities. And then of course, in some pockets of the country, these markets are really um geared towards sellers. Sellers have the upper hand and these buyers are still up against a lot of competition. They do have less inventory in these markets. But something that has happened overall in the housing market is we have seen inventory levels. They actually have gone up from where they were last year around 27.5%. So that uh is giving buyers more options.

So what are your tips for home sellers here, especially as we enter into the spring buying season and selling season?

Well, it's so important to know your market. You have to understand your market dynamics for buyers and for sellers. Sellers, they have to understand the value of their home. You do not want to price it too hard in these market conditions with inventory levels picking up on a national level. That means, of course, buyers have more choices, they can take a little bit longer, and I think that really pressures sellers to price their home correctly. And then, of course, if you're a seller, have your home ready to go, have everything in place, have repairs done. That is something that buyers are looking for. Homes where they don't have to be putting cash into it, because look, buyers are up against so many affordability constraints. So the last thing that they want to do after paying a high price for a home, after having to deal with an elevated interest rate, pay for these higher taxes, insurance is put a bunch of money into the house.

You know, we talked a little bit about what you were seeing in Florida and in the Keys last time we spoke. I I wonder, have you noticed any changes in migration? Do you think eliminating property taxes will drive more buying in the state? What are some of the the factors that play in your region?

Yeah, well, the property tax thing, that's definitely very interesting. We have to see how that all unfolds. And look, Florida does like to lead the way with things. And I I would have to say that considering that Florida has been one of the fastest growing states, uh we have really low unemployment here. We have such strong job growth. You have to give our administration down here some credit. I think they do know what they're doing, but by even talking about eliminating property taxes, I think that shows just how much strain there are on buyers in in Florida, in my market too. And I think unfortunately, for some buyers, they're under too much strain. They can't afford to purchase here. Even homeowners are under a lot of strain. So if these homeowners are under strain, I think you're seeing them migrate to of course, places that are more affordable.

Jenna, thank you for taking the time here with us today.

Thank you.