2024 Predicts For A Calmer Market

2023 was one of the most challenging years on record for the housing market, with rock-bottom inventory and mortgage rates hitting highs not seen in the past two decades.  The good news  is 2024 predicts to be a calmer real estate market with slight improvements in affordability for buyers.

The housing market is predicted to have more choices again, following a year of low inventory. Sellers are expected to list their homes for sale as they have come to terms with the fact that we appear to be in an era of higher mortgage rates.

An increase in listings will no doubt be refreshing news if you’re shopping for a home. Not only will buyers have more home choices, but an increase in listing for sale could help ease competition in the market.  This in turn could help keep home prices from climbing. Although homes will remain expensive, home buying costs are anticipated to level off.

The gradual decline in rates matched with a chance of a small dip in home prices as inventory increases will start to bring homebuyers some much-needed relief. This combined with steady jobs and paychecks, more stable home prices and less volatile mortgage rates should provide breathing room for buyers struggling with affordability resulting in an increase in home sales.

New to 2024 is “Artificial Intelligence” AI allows sellers to highlight their home’s best features and gives buyers a deeper understanding of a home before they ever step inside with panoramic photos that can be used to generate 3D Home Tours and interactive floor plans. AI will generate more guidance enhancing your home search and financing options.

Source:  Zillow