What Lies Ahead for Housing in 2024?

As a real estate agent, staying on top of market trends is essential to success. And this year, we're expecting some exciting developments! They’re calling 2024 "The Year of the Fives" because they’re predicting the following:

Mortgage Rates: The Sweet Spot

Mortgage rates have been on a wild ride, peaking at 8% in October 2023. But the tide is turning, and rates are trending downward. The experts expect rates to hit a sweet spot around 5%, making home buying more affordable and enticing for sellers to move. This is great news for buyers who were priced out last year and sellers who were hesitant to give up their low rates.

Total Home Sales: A Boost in Activity

With mortgage rates easing, they’re expecting a surge in home sales. In fact, they predict total home sales will soar to around 5.5 million in the US, as buyers get back in the game and sellers feel less locked into their current rates. This increased activity will create more opportunities for agents to connect with clients and close deals.

Home Prices: Supply and Demand Rule

Home prices have been a hot topic for years, and 2024 is no exception. They expect home prices to appreciate by around 5%, driven by good old supply and demand. As more buyers enter the market and inventory remains low, prices will continue to rise. But don't worry, this growth is expected to be sustainable and less frenzied than previous years.

Stay Ahead of the Game in 2024!

With the "Year of the Fives" upon us, it's time to gear up for a dynamic real estate market. Stay ahead of the competition by staying informed and adapting to the changing landscape. Subscribe to my newsletter HERE for regular market updates and insights, and connect with me on social media to stay in the know. As the market evolves, remember that knowledge is power. Empower yourself to succeed in 2024!

Sources: * "Lower Rates, More Listings: What Lies Ahead for Housing in 2024" by Keeping Current Matters