The year 2023 was a roller coaster ride for the housing market, with skyrocketing mortgage rates and low inventory leaving many scratching their heads. But as we step into 2024, a question arises: will this be the year of the fives?
Hi, I'm Jenni T. with eXp Realty, and in today's blog post, we're diving into the forecast to uncover the exciting predictions for the real estate market in 2024. According to experts, mortgage rates could dip to the fives by mid-year, enticing buyers who have been waiting on the sidelines for rates to drop.
Steve Harney, founder of Keeping Current Matters Real Estate, suggests that lower rates will not only increase housing demand but also predicts a staggering 5.5 million homes sold nationwide this year. This news is complemented by projections of housing prices appreciating by about 5% from last year.
Additionally, we anticipate a surge of pent-up buyer and seller demand from 2023 spilling into 2024, creating a more competitive but normal market. So, whether you're a seller or a buyer, it's time to prepare as the 2024 market heats up.
Get ready to navigate the dynamic real estate landscape of 2024 with insights, trends, and strategic tips from our team.
As always, it's crucial to align yourself with a great agent. While most agents are knowledgeable about market trends, a great agent can explain what's happening but create a strategic plan tailored to your needs. Our team of great, expert agents at eXp Realty is ready to help you strategize your next move! Reach out to us today to discuss how we can assist you in achieving your real estate goals!