The 2024 Housing Market: What You Need to Know
If you're thinking of buying or selling a home, you might be wondering what's happening in the housing market. Well, last year, a growing number of people sat on the sidelines as home sales slowed down and prices kept rising. It's been the biggest slowdown since the 2008 recession!
Many would-be buyers are being priced out, while current owners are holding onto their ultra-low mortgage rates. This means listings are down, but there's hope on the horizon. The Fed signaled that the rising interest rates were done, and suggested that they could cut interest rates even more, making home loans cheaper. That could bring some life back into the market.
But, things are changing fast, so it's important to stay flexible and work with a knowledgeable real estate agent. Want to know more about what's happening and what it means for you? Keep reading!
HOME PRICES
If you're wondering what's up with home prices, here's the scoop: they're staying pretty steady! Even with higher mortgage rates, property values are holding strong.
Why? It comes down to supply and demand. There just aren't enough homes for sale to meet buyer demand, which means prices are staying put. Some areas might see a tiny drop in prices, but overall, analysts predict a stable market.
If mortgage rates take a dive, though, get ready for a possible surge in home prices!
MORTGAGE RATES
Here's some good news: mortgage rates might finally be coming down! After a rough year, the Fed is signaling that rates will likely drop in 2024. Analysts agree, predicting a gradual decrease to around 6% by the end of the year. That's a welcome change from the highs we saw in October.
Sure, 3% mortgage rates are probably a thing of the past, but a more affordable monthly payment is still something to celebrate! If you're a buyer, now might be the time to snag a better deal. And if you're selling, more affordable mortgages could mean more interested buyers.
BUYERS AND SELLERS COMING BACK TO THE MARKET
Lower mortgage rates might just bring you back to the market! Higher financing costs have kept many buyers and sellers on the sidelines, but with rates ticking down, sales volume is expected to rise.
That means more options for buyers and more potential sellers entering the market.
HOUSING SUPPLY
Are you wondering if the housing supply shortage will finally ease up this year? Well, experts are split on that. Some think sellers will get tired of waiting and list their homes, while others predict a 14% drop in inventory.
But here's the thing: new construction is helping ease the crunch, and buyers can benefit from a real estate pro's expertise to find off-market and pre-market listings.
Sellers, get ready to compete with new homes, but with the right prep and highlighting of your property's best features and lifestyle, you can still shine.
HERE TO GUIDE YOU
So there you have it - the latest scoop on the 2024 housing market! But remember, real estate is all about location, location, location. That's why I’m here to guide you through the twists and turns of the local market.
As your trusted partner, I'll keep my fingers on the pulse of the community and help you navigate the ups and downs.
Whether you're buying or selling, let's work together to make your real estate dreams a reality. Contact me today to schedule a free consultation and let's get started!