Some of the more frequent conversations we’ve been having is regarding where the housing market is headed in 2024. Luckily, we have some insights on that and we’re going to share them with you, and discuss some tips and tricks for getting the best deal whether you’re buying or selling in 2024!
- Interest rates: Economists and housing market experts are expecting multiple rate cuts this year, and anticipating the first cut my MAY 1st.
- Currently, conventional loans are sitting at approximately 6.59%, and FHA loans are sitting at approximately 6.37%.
- We are looking at seeing low 6’s or even possibly the high 5’s by the end of this year.
- Market activity: What do these rate cuts mean for expected market activity?
- A decrease in rates is very likely going to draw buyers off the sidelines and into the market.
- More buyers in the market is also a good incentive for sellers to list their home, as there will be more competition between buyers which will likely result in bidding wars and increased sale prices.
- If I want to buy in 2024, what should I do to get the best price on a home that I want?
- Some lenders will offer you, if you obtained your mortgage with them, to refinance your home with NO CLOSING COSTS for the refinance. This means you don't have to wait years to break even, you will immediately start saving money with your new mortgage payment.
- It could be smart to buy sooner at a lower price, and you only have to wait 6 months before you can refinance your home.
- Ask your agent to investigate homes that have an assumable mortgage!!! Not only will you get a lower price if you buy before the next influx of buyers in the spring/summertime, but you could also get a much lower interest rate than what we will have for the couple of years at least!
- Look now for homes that have been sitting on the market for a while due to low buyers. They may be more motivated to make a deal & agree to seller concessions in order to get their home sold.
- If I want to sell in 2024, what should I do?
- You want your home to be as desirable as possible since there will likely be many more homes coming on the market in Spring and Summer.
- Make sure to utilize an agent so that you can get the best photos, videos & staging to show your home in the best possible light. An agent should also advise you on any cosmetic or other repairs that you should take care of before listing to see a better return on your selling price.
- Regardless of where you are moving to, you are probably going to buy your next home and so you want to be prepared for the buyers side of things as well. The sooner you connect with an agent and get a CMA, you can then obtain a pre-approval letter to better prepare you for your next home purchase.
