How will the real estate market unfold in 2024?

How will the real estate market unfold in 2024?

Anticipating Housing Trends

Investing in Real Estate: How to make strategic decisions in a fluctuating market.

What Should We Expect from the Housing Market in 2024? Insights for Buyers, Sellers, and Investors  

This is a question that everyone is looking to find answers to, whether you are a buyer, seller, investor, or just enjoy keeping up-to-date on the real estate market. While interest rates have dipped in recent months, low inventory, elevated sales prices, and decades-high interest rates are impacting individuals' decisions and opportunities to purchase a home. The National Association of REALTORS (NAR) reports that U.S. existing home sales have declined 4.1% month-over-month, and 14.6% year-over-year as of the last measure. This points to prospective buyers keeping a careful watch on a continued drop in mortgage rates, home prices, and overall affordability of purchasing a home.

Interest Rates, Inventory, and Prices: Impacting Your Home-Buying Decision in 2024 | Home prices will most likely continue to rise in 2024 and beyond.  

According to the most recent release from Fannie Mae, the experts are expecting home prices to rise at least through 2028. A recent panel of 100 housing experts is expecting national home price growth of 2.4% in 2024 and 2.7% in 2025, according to the Fannie Mae Home Price Expectations Survey (HPES). It is important to note that while there is a continued increase in home prices, the percent of appreciation will not be as high as it was in recent years. 

How does all of this affect me in my decision-making in achieving my real estate goals this year?  

The good news is that as home prices continue to rise, even at more moderate paces, it is not only positive for the market but for you too. It means by diving into home ownership now, your home will likely grow in value, and you should gain more home equity in the years to come. For those that might be reluctant to enter the market, by waiting, the home that you looked at today will cost you more down the road.

Next Steps in Real Estate: Why Consulting a Trusted Expert Matters  

The bottom line is if you are thinking about buying or selling a home, you need to reach out to a real estate expert. Someone who knows your local market of interest and what is expected with home prices and mortgage rates. While no one can say for sure what the future holds, making sure you have the latest information can help you make an informed decision.

Connect with Our Experts: S.H. June & Associates - Your Partners in South Carolina and North Carolina Real Estate  

Agents at S.H. June & Associates are a trusted source for all of your SC and NC real estate needs. Contact us today at (843) 848-3088 and let us help you make your dreams a reality in 2024.

 

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