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Navigating the Future: What to Expect in the Real Estate Market in 2024
As the real estate industry continues to evolve, looking ahead to 2024 sparks curiosity and anticipation… What trends, shifts, and opportunities will define the market in the coming year? Will there be a market crash? Will interest rates drop? Is now a good time to buy and sell? Well…. we are so glad you landed here and we will answer all your questions below!
In 2023 we experienced higher mortgage rates, rising home prices, and a lot of sellers and buyers sitting on the sidelines waiting for them to drop. Well.. 2024 brings some good news! We will see the mortgage rates slowly start to go down… and excitingly enough this is no surprise and we are already experiencing this now!
We will see more people list their homes for sale! This is important because we have had a major shortage in inventory for quite some time now! We still do not have enough housing for our population, so this is key as we level out the market for both buyers and sellers.
Homeowners are outgrowing their living spaces pushing them to want to move. The reluctance to give up a low mortgage interest rate for a higher one is fading away. People who need a larger home, would like to move closer to family, or any other reason.. and there's MANY, will finally make the decision to move. With mortgage interest rates declining, it will feel more feasible to trade out a 2% or 3% mortgage for a 5% to 6% mortgage. We are in need of more inventory so this is definitely good news!
Homebuyers are coming in HOT! We will also see more buyers purchasing properties. Who are all these buyers… they are the MILLENNIALS! You may ask why, and this is because the average age to buy your first home is 35 years old. Millennials have the largest number of people we have ever experienced at one time coming up on this age. In fact, there are over 45 million millennials and we expect many of them will be purchasing their first property in the next upcoming years.
So you may be asking yourself what this means for home prices? While we do not hold a crystal ball, we do expect the prices will steadily rise. We likely will not see the chaos we saw in 2020, but with lower interest rates and a surge in eager buyers, brace yourself for more competitive bidding situations and push in both prices and property values.
That leaves us with the anticipation of lower mortgage interest rates, a surge in home listings, the resolution of the trade-in dilemma, the rise of Millennial homebuyers, and the expectation of rising home prices create a canvas of exciting possibilities for the year ahead!
Together, we can navigate all of what’s to come in 2024, and we're here to guide you through it!
Here's to a year of exciting real estate adventures, and many more blog posts to navigate and learn each step of the way!