top of page

2024 Housing Market Projections: Navigating the Shifts and Seizing Opportunities

Updated: Jan 4

In reflecting on the real estate landscape of 2023, dominated by rising mortgage rates and persistent high home prices due to low inventory, we turn our gaze to the projections for 2024. The National Association of Realtors (NAR) chief economist anticipates mortgage rates to hover around 6.3% by spring, marking a shift from the previous upward trajectory.


INSIGHTS BUYERS:

  • Caution Amidst Rate Drops: As rates potentially decrease, be wary of heightened competition, with many buyers waiting in the wings. Purchasing may involve paying the above list price, and sellers may request an appraisal addendum.

  • Timing Matters: Mortgage lenders advise, "Buy Now! Should rates decrease, refinance." Focus on readiness and monthly affordability over fixation on the actual rate. Secure a home where data indicates an appreciation for that specific area.

GUIDANCE FOR SELLERS:

  • Strategic Presentation Matters: It's not just about the house; the method of sale matters. Well-priced homes with premier marketing and meticulous preparation can incite multiple-offer scenarios, potentially pushing the sale price over the list.

  • Optimistic Outlook: NAR predicts a surge in home sales by up to 13.5% compared to 2023, stable median home prices, and an increase in housing inventory. According to Marian McGinley, our experienced Coldwell Banker manager, "It's a great time for sellers to list their homes. Buyers are actively looking to make purchases."


As we step into 2024, navigating the real estate landscape requires a strategic approach. Whether you're a buyer considering the timing of your purchase or a seller aiming to capitalize on market dynamics, staying informed is key. Let's make the most of the opportunities this evolving market presents.


If you're looking to sell or buy a house in 2024, don't hesitate to get in touch with me. Check my Coldwell Banker website here.



48 views0 comments

Comments


bottom of page