The housing market is a dynamic and ever-changing landscape, influenced by a myriad of factors such as economic conditions, demographic trends, and government policies. As we approach the new year, it’s only natural to wonder what the future holds for the housing market in 2024.
Whether you are looking to buy or sell a home or even considering refinancing your current home in 2024, Galaxy Title and Escrow have all the buyers and sellers services you need. Keep reading to learn more about what you can expect from the housing market in the new year.
What Will Happen to the Housing Market in 2024?
While the housing market can be as unpredictable, much like the stock market, certain trends can help us predict what may happen.
The biggest indicator when it comes to trying to figure out what will happen to the housing market in 2024 is the state of the economy. With interest rates continuing to rise as well as inflation, prospective buyers may continue to hold off in hopes that these numbers will come down.
While home prices have steadily increased, so have interest rates. Though an increase in the price of homes is good for the seller, those increases, coupled with higher interest rates, have made it more difficult for the average home buyer to find something that meets both their wants and needs.
As a result, the overall state of the economy will once again play a major role in terms of what the housing market will look like in 2024.
Will Home Prices Drop in 2024?
Home prices started to rise in 2020, especially in Florida. This is in large part to COVID-19. Since the pandemic ended, home prices have continued to steadily increase as the inventory continued to shrink. As of now, it appears that 2024 won’t be much different–but that may depend on who you talk to.
Zillow predicts that home prices will increase by roughly 3% in 2024. That number is in line with the numbers being predicted by the National Association of Realtors.
However, not everyone is convinced that housing prices will go up again in 2024. Some economist, such as a few professionals at Morgan Stanley, have predicted that there will be a slight dip in home prices come the new year.Though,it’s yet to be determined how much prices may decrease with this dip.
Will 2024 Be a Good Year to Buy a House?
No matter the year, determining if it is a good time to buy a house largely comes down to your situation. Are you starting a new job and need to move to be closer to work? Are your kids out of the house and you want to downsize? Is a new baby on the way and you need more room? And, of course, are you financially secure enough to purchase the home you have always wanted?
No matter the reason, if you are looking to buy a house in 2024 it’s important to remember that we are still in a seller’s market and that doesn’t appear to be changing in 2024. While this may be good news if you are someone looking to sell your home, it could present a challenge for making your next purchase.
Since inventory continues to remain low, and housing prices continue to remain high, you may have to invest a little extra if you want to get into your dream home in 2024.
When is a Good Time to Invest in Florida Real Estate?
Once again, this all depends on your financial and personal situation. The best time to invest in real estate is whenever it makes the most sense for you and your the state of your finances and assets.
That being said, the best time to invest is when both housing prices and interest rates are lower. This allows you, the buyer, to get more value from your investment. However, if you’re a cash buyer, interest rates aren’t relevant, so it’s best to just consider your available resources.
What is the Slowest Month for Real Estate Sales?
For majority of the United States, the slowest months of the year for real estate sales is the winter months. Of course, the speed at which you can buy or sell a home largely depends on your specific location and circumstances. Generally speaking, early summer is the best time to sell your property quickly and at the right price.
Inversely, if you’re buying a home, you might consider searching for properties in late fall and winter–though the process may take longer.
Mortgage Rate Predictions for 2024
Much like with the housing market as a whole, the state of the overall economy will play a large role in what mortgage rates ultimately look like come 2024. However, there could be some good news on the horizon.
Fannie Mae, Mortgage Bankers Association, and National Association of Realtors all have predicted that once the calendar turns to 2024, 30-year fixed mortgage rates will drop in 2024.
Outside of market averages, your mortgage rate often depends on your current and past financial data. Organize the information mortgage lenders consider for approval during the underwriting process to ease the process and discover what rates are available for you.
How Can Galaxy Title and Escrow Help You with the Housing Market in 2024?
As the real estate market continues to remain in flux, it’s never been a more important time to have people you can trust to help you navigate the process. As our client, you can feel confident that Galaxy Title and Escrow will guide you throughout the entire process.
From start to finish, we can help you successfully navigate the home buying and selling process, taking away many of the stresses and headaches involved. We offer a number of different services including:
For more information on the services we offer, and how we can make your home buying or selling process as simple and stress-free as possible, contact us today.
Mitchell Issa (Reviewer)
Mitchell has been a licensed attorney since 2014 and has practiced in both the transactional and litigation fields of law. His experience allows him to approach every transaction with a depth of knowledge and practical experience most attorneys do not possess. Mitchell prides himself on providing top notch service to his clients.
Mitchell Issa (Reviewer)Housing Market Predictions for 2024: What To Expect for Home Process and Mortgage Rates