Mortgage Rate Cuts Delayed

  • Federal Reserve Projections: Expected rate cuts delayed due to persistent inflation.
  • Current Mortgage Rates: Hovering around 7%, impacting home sales and affordability.
  • Inventory and Prices: Inventory shortages easing, starter homes increasing, slowing median price growth.
  • Seller Adjustments: More properties being listed, contributing to market stability despite high equity and tighter lending standards.

What This Means for You:

  • Mortgage rates aren’t expected to drop soon; waiting might lead to higher home prices due to pent-up demand.
  • Contact us for a free consultation to plan your home purchase or sale.

Buyers Gaining Options

  • Increased Listings: More Americans listing their homes for sale, offering more options to buyers.
  • Seller Sentiment: Slightly fewer homeowners feel “locked in” by current mortgage rates, with many needing to sell for personal reasons.
  • Inventory Levels: Still below pre-pandemic levels but showing improvement compared to the past three years.

What This Means for You:

  • Now might be a good time to search for a home with increased inventory and less competition.
  • Sellers should act quickly before more inventory makes it harder to stand out. Contact us for a market value assessment and selling plan.

Manageable Home Price Growth

  • Stable Prices: National median home price stable, with more affordable homes entering the market.
  • Seller Expectations: Fewer expect bidding wars or selling above list price.
  • Gradual Price Increase: Home prices expected to rise gradually through 2024.

What This Means for You:

  • First-time buyers benefit from affordable housing stock.
  • Real estate investment can help build wealth over time. Reach out to discuss your goals and budget.

Persistent Desire to Own

  • Homeownership Desire: Millennials and Gen Z see it as a good time to buy, despite financial challenges.
  • Economic Adaptation: Buyers adjusting to higher rates, expecting a gradual increase in listings and sales.
  • Rate Drop Impact: Significant boost to affordability and demand if rates fall below 6%.
  • Alternative Strategies: Shopping multiple lenders, buying discount points, and adjustable-rate mortgages are common strategies.

What This Means for You:

  • Explore options with a mortgage professional to make payments more affordable.
  • Sellers should work with a skilled agent to maximize profits and attract buyers. Reach out for our Property Marketing Plan.
If you’re considering buying or selling a home in 2024, contact me now to schedule a free consultation. Let’s work together and craft an action plan to meet your real estate goals.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate for advice regarding your individual needs. Sources: