2024’s real estate future is glowing. Let’s dive into an in-depth look at the trends and factors shaping this optimistic view!
Whether you’re navigating the market or just starting in real estate, we’ve got key insights for your journey. After recent ups and downs, positive changes are on the way. 2024 may be a shining year for both buyers and sellers. Keep reading to find out why — straight from the experts themselves.
Firstly, lower mortgage rates are expected in 2024. This is great news for investors and buyers alike. The National Association of Home Builders predicts an increase in single-family housing starts. Rental property demand is rising, too. More families are renting for longer, and this trend is changing the market. It means more competition for properties. Both traditional buyers and flippers are eyeing the same homes!
Next, eonomists also foresee a slight dip in home prices. However, home sales are set to rise. Sellers are becoming savvier about hiring agents.
Moreover, the American Dream is shifting. Homeownership seems less attainable for many. As a result, renting is becoming more popular. This trend is leading to more demand for rental properties.
When it comes to mortgage rates that have hovered near 7%, they are expected to stabilize. The Mortgage Bankers Association reports a decrease in interest rates. This trend could encourage more buyers in late 2024 and early 2025.
Also, home inventory is showing signs of life. There was an increase in home listings in November 2023. This change is a positive sign for the coming year. The willingness to engage in real estate transactions during the holiday season is encouraging!
Importantly, buyer motivation is increasing. Since market conditions are becoming more favorable, buyers are more confident. They’re ready to take advantage of the market’s opportunities.
International interest in U.S. real estate remains high. Many see it as a safe investment. Americans are also supporting zoning changes for more affordable housing, a shift that could lead to more housing development.
To sum up, 2024 promises a brighter future in real estate. With more housing, better affordability, and solid investment opportunities, now’s a great time to get involved. If you’re thinking about buying, selling, or investing in the new year, reach out to Your real estate specialists at NewportBeachPad.com or call 949.478.3774 Let’s make 2024 your year in real estate!
