In general, the market is expected to reflect the trends seen in 2023 as the Federal Reserve works to control inflation and bring it down to their target rate of 2%. Most sellers are reluctant to give up their current interest rates, with 91.8% of homeowners possessing an interest rate below 6%, and this doesn’t even account for those who own their homes outright. However, sellers who do plan to sell will find willing buyers, especially in our region, where pending sales continue to keep pace with new listing activity. Nevertheless, it’s clear that buyers have more negotiating power in 2024 compared to the previous market cycle. Homeowners need to carefully consider their approach and how they present their home in the market. Whether you’re considering selling or simply curious about how your home stacks up in the current market, feel free to reach out for a detailed market breakdown tailored to your home.
1. Still no housing bubble.
2. Mortgage rates will drop but not quickly.
3. Listing activity will rise modestly.
4. Home prices will rise but not much.
5. Home values in markets that crashed will recover.
6. New construction will gain market share.
7. Housing affordability will get worse.
8. Government needs to take housing more seriously.
9. Foreclosure activity won’t impact the market.
10. Sales will rise but will remain the lowest in 15 years. Sellers will still have the upper hand in 2024.