2024 Housing Market: Turning a Corner?

Thinking of buying or selling a home in 2024? Buckle up, because the housing market is gearing up for a shift. 2023 was a rollercoaster for buyers and sellers, with high mortgage rates, confusing headlines, and a limited inventory making things tricky. But fear not, experts are optimistic that 2024 will be a better year for the housing scene.

Reasons for Optimism:

  1. Mortgage rates cooling off: Remember those eye-watering 8% peaks? Mortgage rates have been steadily dropping, offering much-needed relief to affordability-challenged buyers. Mark Fleming, Chief Economist at First American, even predicts further declines.

  2. More homes hitting the market: As rates become more attractive, more sellers who were previously holding off are listing their properties, increasing the overall supply. Lisa Sturtevant, Chief Economist at Bright MLS, expects this trend to continue, particularly as rates approach the 6.5% mark.

  3. Home price growth slowing down: Brace yourselves for a breath of fresh air! While home prices are still expected to rise in 2024, the pace will be significantly slower compared to 2023's 5.9% surge. The Home Price Expectation Survey from Fannie Mae predicts growth of just 2.4% and 2.7% in the following two years.

Overall, the message is clear: 2024 is shaping up to be a friendlier year for the housing market. Mike Simonsen, President and Founder of Altos Research, sums it up perfectly: "We're entering 2024 with slight home-price gains, easing inventory constraints, and increasing transaction volume. All in all, things are looking up."

Ready to Make Your Move?

If you're considering buying or selling in the new year, here's the key takeaway: partner with a trusted real estate agent. We'll keep you informed about the latest market trends, guide you through the process, and help you make the best choices for your situation.

So, ditch the 2023 woes and embrace the possibilities of 2024's housing market. It's time to make your move!

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