I hope your New Year has gotten off to a terrific start and I wish you health, abundance, and joy.
Now let’s get down to business.
For 2024, we had 4 experts weigh in on what they predicted the housing market would be like for 2024. I have attached a link with articles, videos, and charts that go into depth of what I am going to share with you below. Click the link below if you would like more details.
In a nutshell, here is what the experts are predicting:
- We will still have housing shortages in California, especially in Southern California.
- Home price growth will be less than 4% in 2024 depending on the area with some areas decreasing in home value. I believe Southern CA will be at 3-4 percent home price growth.
- Mortgage rates will be from 6% to 7% throughout the year. REMEMBER . . . side note . . . you can always buy down a rate and get into the 4’s. FYI.
- New housing construction will increase dramatically because developers are trying to fill the gap for the lack of homes for sale in the resale housing market. Developers are also helping buyers get into these brand-new beautiful homes with great buying incentives. Call me if you would like to own a new home.
Now here are my predictions, I think we will experience a strong housing market because rates will begin to come down under 6 percent which will bring more homes to the market for buyers to choose from, especially first-time home buyers. Why do I feel so optimistic? Because it is an election year and inflation will be lowered, along with gasoline and interest rates. We will have a short period of time to take advantage of this unique market and you must be prepared and ready if you are thinking of making any type of real estate move in 2024.
If you are thinking about right-sizing your home, buying a new home, or buying an investment, call me, and let’s get you qualified. We still have a lot of great government programs available to help first-time buyers which will help you get into your first home and for sellers looking to right-size their home, and if you are 55+ you can keep your tax base and with rates declining, you can get into the perfect home at the perfect price.
Remember you all have options, call me and let's discuss them and get ready.
Here’s to all of us having a FABULOUS 2024!!!
Click Here to Read the Article
Source: MSN |