Home Prices Expected to Continue Rising in 2024
Good news for homeowners and real estate investors alike: the majority of expert resources predict that home prices will continue to rise in 2024. Out of eight expert sources, seven anticipate an increase in home price appreciation. This upward trend is expected to benefit both current homeowners and those looking to invest in the real estate market.
Why are Home Prices Rising?
There are several factors contributing to the continued increase in home prices. First and foremost, demand for housing remains strong, particularly in popular areas like Mission Hills, Overland Park, and Leawood. As more people look to buy homes in these desirable neighborhoods, competition drives prices up.
Low Mortgage Rates
Another factor contributing to rising home prices is the historically low mortgage rates. Low-interest rates make it more affordable for people to borrow money to buy a home, increasing demand and pushing prices higher. Additionally, many homeowners have taken advantage of low rates to refinance their existing mortgages, freeing up additional funds to invest in home improvements or purchase additional properties.
Low Housing Inventory
Finally, low housing inventory has also played a role in driving up home prices. With fewer homes available for sale, buyers are often willing to pay a premium for properties in sought-after locations like Parkville and featured listings in other popular areas.
What Does This Mean for Homebuyers and Sellers?
For homebuyers, the continued rise in home prices means that now may be the best time to buy a home before prices climb even higher. However, it’s essential to be prepared for a competitive market and to work with an experienced real estate agent who can help you navigate the home buying process.
For sellers, the rising home prices present an opportunity to sell your home for a higher price than you may have initially anticipated. With many buyers competing for limited inventory, sellers are often able to receive multiple offers and negotiate the best possible price for their property.
Investing in Real Estate Amid Rising Home Prices
For those considering investing in real estate, the continued increase in home prices may seem intimidating. However, it’s essential to remember that real estate investments are typically long-term endeavors, and while prices may be high now, they are likely to continue rising in the future. This means that purchasing a property now could lead to significant appreciation over time.
Consider Multi-Family Properties
One option for investors looking to capitalize on rising home prices is to consider purchasing multi-family properties. These types of investments offer several advantages, as outlined in our Multifamily Investment Advantages & Essential Steps to Success guide. With multiple units in one property, investors can generate consistent rental income while also benefiting from the property’s appreciation.
Work with an Experienced Real Estate Agent
Whether you’re a first-time homebuyer, a seller looking to capitalize on rising prices, or an investor interested in expanding your portfolio, working with an experienced real estate agent is crucial. At Jessica Fulk Real Estate, we have the knowledge and expertise to help you navigate the ever-changing real estate market and achieve your goals.
Conclusion
The majority of expert resources predict that home prices will continue to rise in 2024, making now an excellent time to consider buying, selling, or investing in real estate. By working with a knowledgeable real estate agent and staying informed about market trends, you can make well-informed decisions that will benefit you in the long run. Contact us today to discuss your real estate needs and learn how we can help you succeed in this competitive market.
Each Office Independently Owned and Operated 
