Looking Ahead to 2024 Real Estate Market
As we start a new year, the real estate market is once again shifting. In 2023 there were fewer than 4 million real estate transactions. That was the lowest number of homes sold in the last 30 years.
It’s time for us to now look at what’s coming in the housing market in 2024.
You may have already seen our bold predictions for the real estate market. It has information on the state of the housing market, a historical perspective on interest rates and some well-researched stats on why the typical homeowner moves. People move for different reasons. Here are the top 10 reasons and we will be exploring them in the weeks and months ahead. We would appreciate it if you would participate in our Time to Move On Buyer and Seller Survey.
Over the past 10 years, interest rates have ranged between 5% and 10%. We did see some very low rates, though, that make these numbers look high. Many experts project that interest rates will finally start to decline, likely in the summer. When that happens, it’s anticipated that there will be an influx of buyers and sellers ready to enter the market.
Always remember that we are here to answer any questions you may have about real estate and help you through every step of your future home sale or purchase. We want to be your trusted real estate advisor, whether you plan to sell or buy. Please feel free to reach out any time!
What does a “Normal” Real Estate Market Look Like?
The state of the real estate market is a hot topic in the news media now. Higher mortgage rates and declining home sales grab most of the headlines. It’s not all bad news, though. After the last few hectic years, many experts believe we are trending toward a more “normal” or balanced market scenario that will benefit both buyers and sellers.
We invite you to read our bold predictions for the real estate market. You may have questions about what that means for you as a potential buyer or seller. We are sharing an overview of what a balanced market looks like from both perspectives.
Mortgage rates are up right now. We have provided a historical dateline of mortgage rates over the past decade, as well as some basic definitions of the different types of real estate markets.
It’s important to remember that what is happening nationally or even in another area can be quite different from what is happening in your area. There are some positive things in the market. Rest assured that we are staying on top of trends here in our community. We would be happy to answer any of your real estate questions or concerns at any time.
The 2023 Real Estate Market was Challenging
The real estate market once again shifted in 2023. After a historic run, with home sales and prices reaching record highs, they are leveling off. Mortgage interest rates continue to be affected by Federal Reserve decisions to address inflation. We shared some well-researched statistics on how the real estate market reacted in the last half of 2022 as well as projections about the real estate market for 2023.
The inventory of available homes remained low during the entire year. Buyers had a few more days to make their decision and, in some cases, could ask for seller concessions. Sellers who priced their homes right were well positioned in the market. We’ve also included a couple websites where you can find additional easy-to-understand information on mortgage and real estate statistics.
We’ve added more information some real estate trends for 2023 and provides ideas on new ways to use existing properties and tips on investing now to receive gains later.
Keep in mind that we are here to answer any questions you may have about real estate. We’re ready to help you through every step of your future home sale or purchase. Please feel free to reach out to us any time! Finally, we want to extend to you our best wishes for a happy, healthy holiday season and a wonderful New Year!
Keep in mind that we are here to answer any questions you may have about real estate. We’re ready to help you through every step of your future home sale or purchase. Please feel free to reach out to us any time! Finally, we want to extend to you our best wishes for a happy, healthy holiday season and a wonderful New Year!
Here’s What We Thought Would Happen
in the 2022 Real Estate Market
With 2021 unlike any other, we tried to bring some clarity when it comes to the 2022 housing market. The information we’re sharing here provided valuable insights into the 2022 Real Estate Market Outlook. It highlighted a few predictions to keep an eye on as the year progresses.
We’ve also included a helpful guideline to use when choosing the right neighborhood if you or someone you know is considering a move. We’re working on updating our blog posting from last year about our Bold Predictions for the Real Estate Market. It will be finished in the weeks ahead and we’ll be sharing it with you.
If you’re not planning on moving in 2022, we have some information for you about how you can refresh your home for the new year. You can do simple things like rearranging your furniture, increasing your lighting, decluttering your home and adding flowers. It also contains a house goals guide that can help you plan.
We hope this information provides you with an insightful snapshot on the market, so you can enter the new year with confidence. Please do not hesitate to call us with any questions about this year’s housing outlook! We can provide you with information about the State of Maryland, your County or even your neighborhood. We’re happy to provide details on how our area’s market is looking this year.
Review What We Thought Would Happen
in the 2021 Real Estate Market
The economic uncertainty of 2020 had many people concerned. We were here to bring some peace-of-mind for 2021 when it comes to the housing market. The information here provides a well-rounded snapshot of the 2021 real estate market. It also notes a few trends to watch as the year unfolds.
We also included a short quiz. It will help you figure out when will be the right time for your family to make a move. This will be especially valuable if your needs have changed since last year. Many people hesitate to sell their home because they are concerned about the its condition. We have developed our Homeowner Concierge Service Program to address that issue. As we begin the process of speaking with you about your home, we will assess any repairs that may be needed to complete a sale. This is part of helping you to learn the fair market value for your home. Some repairs will be requested by a buyer and other will be required by a lender.
We hope this information provided you with clarity on the market. We wanted to help you to better prepare for 2021.
This is an article that is part of our Client Appreciation Program and is found in the Real Estate Market category.
