There are several key factors that will influence how the Real estate market will perform during the second half of 2024.
The 3 biggest and most influential are the forecasts for:
Home Prices or Value Appreciation
Mortgage Interest Rates
Actual Sales and Inventory Availability
Home Price or Value Appreciation – Fannie Mae estimates that price appreciation will be more modest than during the COVID years. They forecast home prices will appreciate an average of 4.8% annually.
Mortgage Interest Rates – The two most accurate forecasters are Fannie Mae and Mortgage
Bankers Association (MBA). For 30-year Fixed Rate mortgages, Fannie Mae forecasts rates to be 6.8% during Q3 and 6.7% during Q4. Mortgage Bankers Association (MBA) reflect a similar slight downward trend. They are predicting 6.7% an 6.5% respectively.
Home Sales and Inventory Availability – Fannie Mae is predicting sales and new inventory to
increase 4.8% versus the last half of 2023.
So all indications are that “affordability” will improve!
The vast majority of sellers and buyers will need some degree of guidance to help navigate this somewhat fluid market because home values will fluctuate; mortgage interest rates (and programs and terms) require analysis; and the negotiations brought about by the new NAR Settlement Laws that will go into effect August 17, 2024. The continued complexities of the real estate industry and the new laws involving the changing Settlement procedures are causing many Real Estate agents not to renew their licenses or retire.
Read some of our recent client testimonials at: www.welistandsellhomes.com
Even if you are now just beginning to consider your options and timing in the market we would love to walk alongside throughout you selling or buying process and make it smooth, easy and at times fun! Let’s begin our conversation: Dave at 330-620-0219 or Tina at 440-823-9823.
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