As we step into 2024, it's time for the grand unveiling of what the housing market has in store for us. Just like the seasons, the real estate market is ever-changing, offering surprises, twists, and turns. Buckle up, because we're about to embark on a rollercoaster ride through the forecasted trends and professional predictions that'll leave you both informed and entertained.
Seasons are changing and so is the market! Ah, the beauty of change! Just as leaves change colors in autumn, the housing market undergoes its own transformation every year. As spring approaches, we anticipate a surge in listings and activity, bringing a breath of fresh air to the market. But remember, just as winter's chill gives way to spring's warmth, market conditions can shift quickly. Stay agile, my friends, and get ready to MOVE!
Average home prices are expected to increase over the year of 2024
Hold onto your hats, folks, because we're in for a ride! Professional forecasts indicate that average home prices are expected to experience a steady incline throughout 2024. As demand continues to outpace supply, bidding wars may become the norm, turning the home-buying process into a high-stakes game of real estate roulette
(*cough* 2022 repeat, anyone? *cough*). So, if you've got your eye on that dream home, be prepared to put your best foot forward!
Where experts expect mortgage rates to average over the course of the year
Drumroll, please! According to the financial wizards that be, we are expecting to see mortgage rates to trend downwards - and most likely to get to the low 6's and MAYBE even the high 5's. I know, I know - "But Jill, that's still WAY higher than the 2% we saw back in 2020! Shouldn't I wait to see those interest rates again before I buy?" I mean, you COULD... but that probably means you may never actually buy, as many bankers don't ever expect to see those rates again any time soon, if ever.
But hey, don't take my word for it—consult with your friendly neighborhood mortgage broker to get the lowdown on the latest rates and how they might impact your homebuying journey. If you don't know who to ask - I've got some GREAT people I can point you to!
The average home buyer's age, and the number of home buyers who are expected to start looking to buy in 2024
Move over, millennials—Gen Z is making its mark on the housing market! With an increasing number of young adults entering the workforce and setting their sights on homeownership, we're witnessing a generational shift in the buyer demographic. But fear not, dear baby boomers and Gen Xers, you're still very much in the game! Whether you're a first-time buyer or a seasoned pro, there's room for everyone at the homeownership table. The average of FTHB (First Time Home Buyers) is about 34. We're seeing about 25 Million people between the age of 33-35 in that age range coming up. Combine that with almost 40 Million people between the ages of 24-32 and about 36 Million people between the ages of 36-44, that's a lot of millions of people who are going to be competing for the homes that are coming to market.
Starting the process now, so you are not left behind when it's time to buy Don't procrastinate—procrastination is the thief of dream homes! If 2024 is the year you've decided to take the plunge into homeownership, there's no time like the present to get the ball rolling. From getting pre-approved for a mortgage to scoping out neighborhoods and attending open houses, laying the groundwork now will set you up for success when the perfect property comes along. Remember, Rome wasn't built in a day, and neither is your dream home search!
So there you have it, folks—the 2024 housing market in all its unpredictable glory. As we navigate the twists and turns of this ever-changing landscape, one thing remains constant: the thrill of finding that perfect place to call home. Happy house hunting!
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