Hello January!
I’ve never been one of those people to make resolutions or shame the prior year. I believe that we make or own futures with our efforts and determination. So, for 2024, I plan on treating it like any other year. I will continue to help people in an honest and helpful way, even when it’s not always the most financially lucrative for my efforts. To be fair, I’ve always been wired that way. Call it a savior complex or whatever, but I have found that when I do right by clients, they do right by me. The proof is in the puddin', meaning that a majority of my business is by referral and repeat clients. I’m pretty proud of that!
So, what’s the outlook for 2024? So far it looks good. I’ve got quite a bit of inventory on the horizon. Pricing will likely adjust for a bit, but if rates go down, you can be assured that prices will go up again. What I do expect is that the time to sell will be longer than it has been in a bit. It’s already taking longer to sell in some price points. That’s okay given the current conditions. I have been having these conversations with sellers to help set expectations for timing. Let’s be honest, the past year and the one prior, we were spoiled as sellers. Most homes had multiple offers and went above the list. Today, it simply takes more time and patience. Our schedules have gotten back to normal after COVID and slow times like holidays and after Summer are back in the mix. It’s ok! You just need to be honest with what is happening. It’s all part of the process.
The bottom line, it’s still a good time to buy and sell. If you have questions, I can help. 407-948-8295
If you're curious about the current market conditions or have any real estate questions, don't hesitate to reach out. I'm here to help you navigate this market and make the most of your real estate purchase or sale.
Sellers, wanna try out something really neat? If you own a home and would like to keep track of your equity and value, I have access to a really cool product called HomeBot. You can sign up here: HOMEBOT AI. I love this technology! It gets delivered once a month and the info is easy to read and understand. It’s a free app to use. I highly recommend you try it out. I have 500 spaces available and they are first come, first served. As always, you can always call me to get a personal evaluation of your home. 407-948-8295.
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Expert Quotes on the 2024 Housing Market Forecast
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?
The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.
Mortgage Rates Expected To Ease
Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue to drop:
“Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .”
Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:
“For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”
The Supply of Homes for Sale May Grow
As rates ease, activity in the housing market should pick up because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of homes for sale will grow – a trend we’ve already started to see this year. Lisa Sturtevant, Chief Economist at Bright MLS, says:
“Supply will loosen up in 2024. Even homeowners who have been characterized as being ‘locked in’ to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.”
Home Price Growth Should Moderate
And mortgage rates pulling back isn’t the only positive sign for affordability. Home price growth is expected to moderate too, as inventory improves but is still low overall. As the Home Price Expectation Survey (HPES) from Fannie Mae, a survey of over 100 economists, investment strategists, and housing market analysts, says:
“On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4 percent and 2.7 percent, respectively.”
To wrap it up, experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs show we’re turning a corner. As Mike Simonsen, President and Founder of Altos Research, puts it:
“We’re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”
Bottom Line
Experts are optimistic about what 2024 holds for the housing market. If you’re looking to buy or sell a home in the new year, the best way to ensure you’re up to date on the latest forecasts is to partner with a trusted real estate agent. Let’s connect!
I am happy to come by and check your home out! Call me! 407-948-8295
FIND OUT YOUR HOME’S ESTIMATED VALUE. CLICK HERE!
Thinking of buying but still need to sell? There’s a loan for that! See below!
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THANKS! See you all next time!
DAVID DORMAN BROKER / OWNER
CENTURY 21 PROFESSIONAL GROUP. 2747 MAGUIRE RD OCOEE, FL 43761
DAVID@DAVIDDORMAN.COM. 407-948-8295. WWW.DAVIDDORMAN.COM