Bottom line on the 2024 housing market

Bottom line on the 2024 housing market

The future in any market, whether it be the auto industry, the food industry, the retail market, or the housing market, can at times be bleak for the average American family. All of these markets have always shown to be organic in growth and decline depending on the country’s economy. So, to gain insight on what the future holds in all of these markets, especially the housing market, we turn to the so-called experts to predict what’s going to happen, although we know that sometimes the experts are correct and sometimes they are incorrect.

The housing market is the market I watch and learn about the most because it’s my business. I have to stay on top of what my local housing market is doing and where it’s going. Where it is now, is the same place it is across the country. Interest rates are at a thirty-year high and inventory is at a ten-year low. Not a good scenario. But we’ve been here before, and though it was a challenging time, people still needed to buy and sell homes. I became a licensed Realtor in 2007, six months before the housing market crash hit that year. In many ways, that market was much worse for American families than the market we’re in today. Millions of Americans lost their homes and had to enter the rental market. I learned very quickly how to help homeowners navigate the short sale process and find rentals to move into and how to start building and repairing their credit so that they could become homeowners again.

Those were dark years for the housing market but the sun did shine again a few years later and many, many people entered the market again to purchase or sell their homes. Interest rates were then at an all-time low and properties soared in value to an all-time high. Sellers were then making record profits and buyers were able to afford a higher price point of purchase because of record low interest rates.

What will the housing market do in the year 2024? That is yet to be seen, but there are a few important things I have learned during my sixteen years in the business: (1) We will always need housing. (2) The economy will always change, therefore the housing market will change and we’ll learn to adjust. (3) There will always be families growing, there will always be death, there will always be a change in jobs, and there will always be children growing up and leaving home. (4) It’s my job to educate my clients on every aspect of selling or buying their property.

The more educated my clients are on probably their largest life purchase means that they will purchase in the price point they can manage and sell in the price point that ensures their real estate success. Which brings me back to the question, what is the housing market going to do in 2024?

According to Bankrate.com, “The combination of high mortgage rates, steep home prices and low inventory levels are lining up to make the 2024 housing market a challenging one for both buyers and sellers. But if rates cool in 2024, as some experts predict, then market activity should heat up in response.”

“The complexities of the current conditions mean that, now more than ever, it’s smart to lean on the guidance of an experienced local real estate agent if you want to enter the market in 2024, whether as a buyer or a seller, let a pro lead the way for you.”

We will see, but I can assure you that no matter what happens, the housing market will always be a market that will go up or go down and I will be here working to help people make the very best decisions in the housing market at the time, whether it be families, empty nesters, investors, first-time home buyers, or anyone else needing to change their living situation.

(Housing Market 2024 | Bankrate)