Welcome to the 2024 Housing Market!

We all remember how tight the real estate scene was in 2023, with low inventory and soaring mortgage rates putting both sellers and buyers on hold. But things have changed for 2024.

The Market Has Opened Up

The latest stats are in, and the housing market is wide open! The National Association of Realtors (NAR) reports a nearly 10% surge in existing home sales compared to last year's Q1. According to NAR's chief economist Lawrence Yun, "Increased housing supply is meeting market demand." It's the era of the 'new normal' in housing, where supply, demand, and interest rates are calling the shots.

Understanding the Current Trends

Typically, when inventory rises, prices fall. Yet, in today's market, prices are climbing despite increasing inventory—a phenomenon unseen in recent times. Why is this happening? In this new landscape, prices are up roughly 6% because there simply aren't enough homes to meet buyer demand. Those who were waiting on the sidelines over the past year are now actively seeking homes, driving prices higher.

Balanced Market Predictions

Experts predict we won't see the drastic home price surges witnessed in the post-pandemic 2021 market. Instead, they claim we're entering a more balanced, stable market. If their prediction is true, this is fantastic news for both buyers and sellers.

What This Means for Sellers

If you're a seller thinking of listing your home, now is the time. Increased inventory means more competition, but the rising prices work in your favor. Listing now allows you to capitalize on the current demand and secure a strong return on your property.

What This Means for Buyers

If you're a buyer in the market, seize the opportunity now. With more homes available, you have a better chance of finding a property that meets your needs. Although prices are rising, they are not skyrocketing as they did in 2021, making it a more manageable market for buyers.

Next Steps

Get in touch with my team and me, and we'll provide a thorough valuation of your property and share the latest market insights in your area. Want a little education on the side? Hit us up for the link to our virtual seller and buyer video library to start learning tips and tricks from the comfort of your home.