Welcome to today’s Real Estate news roundup! In this edition, we bring you the latest insights and projections for the housing market in 2024. Discover what six experts have to say about the upcoming year, including the impact of mortgage rates, projected sales growth in different markets, and the ongoing shortage of homes for sale. We also have an exciting episode of Real Estate Today, where Lynn Ellis and Michael McQuillen discuss what home buyers can expect as they embark on their search for a new home. Additionally, find out Wall Street’s predictions for the US housing market in 2024 and explore the new laws that will impact housing in California. Don’t miss out on these valuable updates and start your year off right by staying informed about the ever-evolving real estate landscape.
Housing market projection: Six experts weigh in on real estate in 2024
The 2023 housing market was heavily influenced by the “mortgage rate lock in effect,” which caused a standstill in the industry and put pressure on inventory levels and home sales. However, there are signs of improvement for the upcoming year. Mortgage rates have been dropping steadily, providing a boost to existing-home sales. Despite this positive trend, experts do not expect an end to the shortage of homes for sale. Nationwide sales are projected to see only a modest uptick in 2024, with significant variations across different markets. Affordable markets in the Midwest and Northeast, as well as Southern California, are expected to experience growth. While home prices continue to rise, experts predict a gradual decline in mortgage rates throughout the year, bringing some relief to homebuyers. Explore more about the projections for the 2024 housing market from these six experts.
Additional note on new home financing from New Homes Section – In new home construction, many home builders are making it possible for homebuyers to purchase a new home at lower interest rates. In November, a CBS News article was published with the title ‘ Want a Lower Mortgage Rate, Look for New Construction .’ This is great news for many homebuyers, especially buyers looking for value and affordable homes. New construction homes are often more affordable than resale homes (based on their ‘just outside the city’ locations), and with the added incentive of interest rate buydowns, they can be a much better value. Homebuilders like LGI Homes and Pulte Homes are offering 30-year fixed rate mortgages at sub 6% interest rates, which can be more attractive than a 2-1, 1-0 or 3-2-1 interest rate buydown, which only lasts for a certain time. Both builders set aside a certain amount of money to help new homebuyers, so be sure to look at their websites and other homebuilder sites for interest rate deals.
Real Estate Today: Ringing in the New Year
In this episode of Real Estate Today, Lynn Ellis and Michael McQuillen from the Jeremy Orton Real Estate Group at Keller Williams Sun Valley/Southern Idaho discuss what home buyers can expect as they begin their search for a new home . Watch the full interview to learn more about the process of buying a home or real estate investment property. Start the new year off right by gaining valuable insights into the real estate market.
Watch the full interview: https://www.kmvt.com/2024/01/01/real-estate-today-ringing-new-year/
Here Are Wall Street’s Predictions for the US Housing Market in 2024
The US housing market faced challenges in 2023, with rising prices and steep borrowing costs causing a year-long limbo for homebuyers. However, experts predict that conditions will shift in 2024, especially with expectations of the Federal Reserve loosening monetary policy. Realtor.com anticipates a slight dip in prices and a slowdown in price growth, providing some relief for buyers. Goldman Sachs forecasts an increase in inventory and a rebound in existing and new home sales. Redfin expects a 1% drop in home prices, while Zillow predicts a leveling off of price growth. Fannie Mae foresees a slower pace of price appreciation and a gradual recovery in home sales. Discover more about these predictions and gain insights into the US housing market for 2024.
Six new laws impacting housing in 2024 that you should know about
California will see several new laws going into effect in 2024 that will have an impact on housing. One significant change is the ability for property owners in participating cities to sell their accessory dwelling units (ADUs) separately from the main residence, potentially creating two- or three-unit condominiums. Other laws include disclosures for flipped houses, new fire hazard disclosures, and tenants’ rights protections. Stay informed about these important changes that can affect home buyers, sellers, landlords, and tenants in California.