Hello February!
So January is over. Tons of folks listed their homes for sale. Care to guess what happened? Not to worry, you don’t have to because I am going to tell you :). January was a bit of good and some bad. Buyers are still on the fence on whether it’s the right time. to buy, and sellers are still somewhat in denial about home values and tend to look for any other reason why their home isn't selling and turn a blind eye to pricing. My conversations have been pretty direct with new sellers. I tell them to prepare for a long sales cycle and encourage them to be open to negotiations.
The good news is that we did see a pick up in buyers. The 400K price point is starting to become competitive again. We had a couple in that range and under and they went pretty fast. Above that, lots of activity be hesitancy on buyers making offers. To give you a feel for what that’s like, I normally carry 5 to 6 listings at any given time, and we are backed up at 14. The activity is there, so marketing is working, but buyers are just not ready yet. To offset this, we’ve been trying hard to get the word out about creative financing options that allow no-cost refinancing.
I am NOT worried. This is a normal real estate cycle, amplified during an election year. It happens. 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.
RECENT HOME SALES
Experts Project Home Prices Will Increase in 2024
Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.
To help ease that concern, here's what experts forecast will happen with prices this year.
Experts Project a Modest Increase
Check out the latest home price forecasts from eight different sources (see graph below):
The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this year – not down.
Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains:
“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”
What Does This Mean for You?
Experts are saying home prices will go up this year, and that's good news if you're thinking about buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time.
Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy, waiting just means it will cost more later.
Bottom Line
If you're worried home prices will come down, don’t be. Many experts believe they’ll actually go up this year. If you have questions or worries about what’s happening with prices in our area, 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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About our sponsor… 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