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Today, I’ll discuss three expectations for the real estate market. These insights delve into the anticipated trends regarding interest rates, property prices, sales activity, and inventory levels.
Firstly, we anticipate a continued decrease in interest rates, similar to the decline witnessed in December. After reaching a peak of over 8% in October 2023, rates have now settled in the sixes. Hopefully, we’ll see further declines throughout 2024. As rates drop, more individuals will likely consider selling and buying properties.
Secondly, as interest rates decrease, home prices are expected to rise, leading to increased sales activity. Lower rates often drive up prices accordingly.
Thirdly, the trend of low inventory is likely to persist throughout this year due to many homeowners holding onto their properties with low-interest mortgages. However, as rates continue to decrease, we may see more movement in the market as people feel the need or opportunity to relocate while still finding excellent properties. Also, cash buyers, unaffected by interest rate fluctuations, will remain prominent in the market.
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Let’s Explore Your Selling Options. I’ll help you sell your home at the price and terms you want. Free Selling Strategy Call
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