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“Before you leave, the fortune teller reminds you that the future is never set in stone.”
Good Morning!
It’s your favorite Real Estate duo gracing your inbox as usual.
Today, I would love to give you some insights about 2024 REAL ESTATE FORECAST!
Please beware that real estate advice is not a one size fits all. Your Real Estate Plan should be tailored fit to your needs.
If you’d like to know how much your FUTURE in Real Estate Click Here!
One of realtor’s favorite line is “we do not have a crystal ball.” Meaning, it’s extremely difficult to predict accurately what will happen in the market. The last few years have proved even more challenging as the market swings almost weekly.
It turns out, I do have a crystal ball and love to play fortune teller: reading cards, hands or crystal balls is a talent. Fortune Teller is a character I love playing and today Miss Lipa is here to tell you what 2024 will bring to the world of Real Estate.
*Please note: these are predictions based on trends and data collected from other trusted sources, as well as conversations with more experienced peers. I am not a real fortune teller.
My first prediction is that you will finally get rid of the fear of this market and take the plunge, making crazy financial gains this next year. Ok, that was less of a prediction and more of a wish!
Despite a recent slump, home prices are expected to continue to rise in 2024, according to a number of research firms that specialize in real estate forecasts, including Freddie Mac, Zillow and the National Association of Realtors.
With too few homes for too many buyers, NAR expects home prices to rise by 2.6% in 2024.
While mortgage rates are still elevated — currently underlying demand for homes has kept prices high. Based on slowing inflation, NAR expects mortgage rates to drop closer to 6% in 2024. This will further stoke demand and keep prices elevated throughout the year, says Yun.
Zillow has a similar forecast, as it expects home values to rise by 6.5% from July 2023 through July 2024, despite “despite persistent affordability challenges.”
Likewise, Freddie Mac is forecasting prices rising by 0.8% between August 2023 and August 2024, followed by another 0.9% gain in the following 12 months. Part of the rebound in prices is based on the “large cohort of Millennial first-time homebuyers reaching prime home-buying age,” Freddie Mac reports.
All things considered, things are looking very bright. New Construction is set to keep building momentum, interest rates are slowly resuming to normal and home prices keep going upwards but at a much more stable rate which is good news for both buyers and sellers.
I will leave you with this: Your Future is mostly determined by the actions you take today. Only you have the power to create your destiny so take all predictions as an educational tool that can help you position yourself to win in any market.
If you would like to know your Future in Real Estate Contact Mee Today
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I’ll see you Wednesday!
Your favorite Realtors,
Filipa & Emmy
