Join Maic and Renee Friedrich dive into the Real Estate Market predication for 2024
Who has a Crystal ball? 2024 Market forecast!
Join Renee and Mike from the Friedrich Team at eXp Realty as they kick off 2024 with their first video, diving into the real estate market predictions for the year.
We discuss insights from various reports, including perspectives from the National Association of Realtors, the Mortgage Bankers Association, and Fannie Mae, focusing on price appreciation or decline, sales numbers, and interest rates.
Here are the key highlights
- Interest Rates: Analysis of recent Federal Reserve meetings and predictions for potential rate cuts, which could positively impact interest rates in 2024.
- Election Year Impact: Speculations on how the 2024 election year might influence interest rates, with politicians likely favoring stable or declining rates.
- Price Appreciation: Expectations of modest price appreciation, ranging from 1-4%, which may feel flat compared to previous years of double-digit growth.
- Home Sales Trends: Discussion on the recent slump in home sales, the lowest since 2009, and predictions for a slight increase in sales due to potentially lower interest rates.
In summary, we can not stress enough the potential increase in affordability for home buyers combining lower interest rates with modest price appreciation.
Also the impact of these trends will hopefully improve our inventory shortage, although the increased demand from lower interest might be greater than the supply coming online from sellers that no longer feel their current mortgage is worth holding off buying a more fitting home.
