Let’s go over what is on the horizon for our real estate market in 2024.
Are you contemplating a significant move this year? Perhaps it’s time to step off the fence and make that change you’ve been considering. Many potential home sellers have been hesitating due to their favorable interest rates, but the tide might be turning.
A growing number of homeowners are feeling the need to upsize, downsize, or relocate. The only thing holding them back is the fear of losing their excellent interest rates obtained in 2020 and 2021. However, with the softening stance on interest rates in 2024, the landscape is changing.
As we step into an election year, the Federal Reserve appears to be easing interest rates, now hovering in the mid-6% range, down from around 8% at the end of 2023. Some experts, including Case-Shiller, suggest we might even see rates in the 5% range.
“It’s wise to start planning now.”
What does this mean for the real estate market? A potential surge is on the horizon. Lower interest rates are likely to motivate those who have been waiting on the sidelines, creating a more comfortable environment for buying and selling. The pent-up demand for housing might finally be unleashed, leading to increased market activity.
If interest rates drop to the 5% range, a significant influx of buyers and sellers is expected. People who have been postponing their moves due to higher rates might find the motivation they need to make a change. The market is likely to see a wave of individuals seeking to improve their quality of life by accepting slightly higher interest rates.
So, if you’re contemplating a move in 2024, it’s wise to start planning now. Even if you’re several months away from taking action, reaching out to real estate professionals can help you strategize. Whether you’re preparing your property for sale or exploring the market to buy, early preparation is key.
Don’t let the fear of rising interest rates keep you on the fence. Take advantage of the potential opportunities in 2024. If you’re considering a move this year, it’s never too early to seek guidance. Call or email us; we’re here to help you navigate the evolving real estate landscape.
