Here’s what to expect from the market in 2024 and how it impacts you.
Today, we’ll delve into the expectations and opportunities that lie ahead in the property market.
Last year was marked by increasing interest rates and low inventory. As of January 2024, interest rates are somewhat similar to 2023, but the notable change is a decreasing trend line in inflation.
This shift in inflation suggests that interest rates are likely to cool off this year, according to experts and various sources. This change is creating opportunities for those who waited on the sidelines for rates to decrease. In the first week of the new year, we have already received inquiries from individuals looking to make moves in the spring.
“The market is showing increased activity on both the lending and real estate transaction fronts.”
While inventory is still relatively low, there is a positive trend, and more choices are becoming available. Anticipated lower interest rates, around 6.5%, with a downward trend, coupled with increasing inventory, make it an opportune time to enter the real estate market. For those who purchased homes at higher interest rates—around 7% to 8%—in the past year, now is also an excellent time to consider refinancing.
The market is showing increased activity on both the lending and real estate transaction fronts. Investors are making strategic moves and engaging in 1031 exchanges, and significant portfolio players are entering the scene, providing opportunities for those interested in investment properties.
Whether you’re looking to buy or sell this year, feel free to give us a call or send an email. With the market presenting favorable conditions, we’re here to assist you in reaching your real estate goals.
