A Promising Outlook for the 2024 Housing Market
Despite facing a triple whammy in 2023 of declining inventory, rising interest rates, and increasing home prices, the housing market in 2024 is showing promising signs, according to realtor Brandon Doyle in Maple Grove, New Mexico. With listings up slightly and interest rates on the decline, the market is poised for a busy spring season.
Home Buying Season Begins After the Super Bowl
Traditionally, the home buying season begins after the Super Bowl, but Doyle predicts that more people will be willing to make a move in the coming months. This optimism comes from the slight increase in listings and the decline in interest rates, making it more feasible for potential home buyers to enter the market.
What to Expect in the 2024 Housing Market
As the housing market enters 2024, here are some key trends to keep an eye on:
1. Increased Listings
After a year of declining inventory, the housing market is finally seeing a slight uptick in available listings. This is good news for buyers, as it means more options to choose from when searching for their dream home.
2. Lower Interest Rates
In 2023, interest rates saw a steady increase, making it more difficult for potential home buyers to secure affordable financing. However, 2024 has brought a decline in interest rates, making it more feasible for buyers to enter the market and secure a mortgage with lower monthly payments.
3. Steady Home Prices
Although home prices increased in 2023, the outlook for 2024 is more stable. This means that while home prices may not decrease, they are not expected to skyrocket as they did in the previous year. This stability will be beneficial for both buyers and sellers, as it provides a more predictable market for all parties involved.
How to Prepare for the 2024 Housing Market
Whether you are a first-time homebuyer or looking to sell your current home and purchase a new one, there are steps you can take to prepare for the 2024 housing market:
1. Assess Your Finances
Before entering the housing market, it’s crucial to have a clear understanding of your financial situation. This includes knowing your credit score, understanding your debt-to-income ratio, and having a solid down payment saved.
2. Get Pre-Approved for a Mortgage
With interest rates on the decline, now is a great time to get pre-approved for a mortgage. This will not only provide you with a clear budget for your home search but will also make you a more attractive buyer to sellers, as it shows you are serious and financially prepared.
3. Work with a Realtor
A knowledgeable and experienced realtor can be an invaluable asset in the home buying or selling process. They can help you navigate the market, provide insight into local trends, and ensure you are making informed decisions throughout the process.
4. Be Prepared to Act Quickly
As the 2024 housing market heats up, it’s essential to be prepared to act quickly when you find a home that meets your needs. This may mean being flexible with your schedule for showings or being prepared to make an offer shortly after viewing a property.
Conclusion
The 2024 housing market is showing promising signs of increased listings, lower interest rates, and steady home prices. By preparing your finances, getting pre-approved for a mortgage, working with a realtor, and being ready to act quickly, you can position yourself for success in the coming year’s market. With a busy spring season predicted, now is the time to start preparing for your home buying or selling journey.
For more information on the housing market and real estate trends, visit Jessica Fulk’s Real Estate Blog for expert insights and advice.
Each Office Independently Owned and Operated 
