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Happy New Year to you. That is the most asked question ” HOW IS THE REAL ESTATE MARKET?” Today I am reaching out to answer that question for you and to see if I can help you with any questions regarding real estate that you, your family, or fiends may have for the 2024 year.
For sellers:
The housing market in 2024 is expected to see a rise in home prices, with predictions of a 3 to 4 percent increase. Existing-home sales are also expected to improve, with some housing markets likely to experience higher sales upticks than others. However, affordability challenges are expected to continue due to pent-up demand and low inventory. Experts predict that mortgage rates will rise in the first half of 2024, which might lead to a decline in the number of home buyers. Overall, the market is anticipated to remain competitive, making it a seller’s market, but with challenges such as high mortgage rates and low inventory. If you are considering selling your home, factors to consider include your profit margin, downsizing or upsizing plans, and personal circumstances.
For Buyers:
The forecast for buying a home in 2024 suggests that home prices will continue to rise, with predictions ranging from a 3 to 4 percent increase to a 5.5% increase over the next year. While some experts forecast that home prices will remain flat or decrease by about 1% in 2024, the overall trend points towards continued price growth. Affordability challenges are expected to persist due to high interest rates and low inventory. However, there are indications that mortgage rates will decrease, which could help lower the costs of homeownership. First-time homebuyers are likely to continue facing a challenging housing market in 2024. Overall, the forecast suggests that 2024 will remain a challenging time to buy a house, with home prices expected to stay elevated or increase in some markets.
I hope you have found this to be helpful and please know that I will be glad to sit down with you or any of your friends or family to discuss your situation regarding real estate for the 2024 year and beyond. Just send me an email or a text.
