The real estate market is buzzing with excitement as we look ahead to 2024. 🌟 Here’s what the experts are saying:
📊 NAR (National Association of Realtors) expects mortgage rates to drop, bringing them closer to 6% in 2024. This anticipated drop is set to stoke even more demand, keeping prices elevated throughout the year, according to Yun, NAR’s chief economist.
📈 Zillow is projecting a 6.5% increase in home values from July 2023 to July 2024. Despite persistent affordability challenges, the market remains robust.
📉 On the other hand, Freddie Mac foresees a 0.8% price rise between August 2023 and August 2024, with another 0.9% gain in the following year. This upward trend is partially attributed to a substantial cohort of Millennial first-time homebuyers coming into the prime home-buying age.
📣 MOST RESEARCHERS AGREE: 2024 PRICES ARE ON THE RISE! Freddie Mac, Zillow, and NAR are aligned in their predictions, highlighting the critical factor of demand outpacing the supply of homes being built. Lawrence Yun, NAR’s chief economist, points out that NAR expects home prices to rise by 2.6% in 2024, emphasizing that the market can easily absorb a doubling of inventory.
🤝 Considering a real estate transaction? Working with Inessa and her team ensures not only a smooth transaction but also expert guidance to explore opportunities for refinancing within just 6 months, potentially lowering your payments.
💡 We have multiple options to explore! Reach out to me, and let’s brainstorm and determine the best course of action tailored to your unique needs and goals. Your real estate dreams are within reach! 🏡🔑
Call me today, and let’s discuss your real estate journey. 📞
