Crystal balls and tarot cards aside, predicting the future is a tricky business. But experts have their fingers on the pulse, their ears on the ground, and their eyes peeled when it comes to the real estate market of 2024. What, then, is in store for buyers and sellers this year?
For Buyers:
- An optimistic (but guarded) outlook: While 2022’s scorching market cooled off in 2023, 2024 is predicted to be a year of slow stabilization and promising growth.
- Reduced mortgage rates: It is anticipated that mortgage rates will somewhat decline from their peak in 2023, thus lowering the cost of owning. However, don’t anticipate a sharp decline—remember, rates are still much higher than they were before 2023.
- Increased stock, but not a flood: Buyers should anticipate a gradual increase in the number of available houses. You shouldn’t expect a tidal wave of listings, either, as sellers are still being cautious and there is still less inventory overall than in the past.
- There is still competition: Even though there might not be as much competition as in 2022, be ready for some competition, particularly for prime properties. Practice negotiating and make sure you have your preapproval in place.
Read Also: Things To Consider If Your House Didn’t Sell
For Sellers:
- Price power (but with restrictions): Even if 2022’s explosive price surge is probably over, sellers should still anticipate receiving good prices for their properties. Overpricing, however, could result in more time spent on the market.
- Staging is still your secret weapon: First impressions matter, even in a more balanced market. Make a strategic staging investment to highlight the finest aspects of your house and draw potential purchasers.
- Be adaptable and patient: It may take a little longer than usual to sell, so be ready to be flexible and patient. To draw in the ideal buyer, think about providing incentives or being accommodating with closing dates.
Keep in mind that the market is local; these are only broad projections, and the specifics will change depending on where you are. For the most accurate understanding of your market, always seek the advice of a local real estate professional.
So, is 2024 the year to buy or sell? It depends!
- Buyers: A house with significantly better terms than in 2023 might be yours in 2024 if you’re prepared financially and have reasonable expectations.
- Sellers: You should still be able to draw in eligible customers if you can price competitively and aren’t in a rush. However, be ready for what could be a drawn-out selling process.
In the end, your decision will determine whether you should purchase or sell. However, with a little planning and competent guidance, you may confidently navigate the 2024 real estate market.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.
