🎉 Happy New Year, everyone! 🏡✨ As we step into January 2024, we’re filled with excitement and warm wishes for happiness in your lives. In this exclusive real estate market update, we delve into the key factors shaping the landscape. Discover the latest insights on interest rates, a critical aspect influencing your investment decisions. Explore the current state of inventory, ensuring you stay informed about the available options. Our journey also takes us into the intricate world of pricing, both at the national level and in your local community.
Join us as we navigate through the dynamic trends, providing you with valuable knowledge to make informed real estate choices in the ever-evolving market. Your dream home might be just around the corner – let’s uncover the possibilities together! 🏠📊
Here are some things we cover in this video. All of these topics will get you one step closer to find your dream home in 2024:
- Interest Rates
- Inventory Levels
In 2024, these are the main influences that will affect your buying decisions. Interest rates have been on a downward trend and will likely continue this year landing where they will eventually settle at the 5-6% range. Inventory, however is still expected to be very low due to homeowners who locked in sub 3% rates and are not looking to give that up. This will keep prices high which means lower interest rates won’t translate into lower housing prices. The other thing to note is that if you wait for interest rates to decrease, you will be joining millions of potential home buyers that are waiting for the same thing, thus increasing your competition (and therefore the price of the home) and decreasing your chances of finding the perfect home for you. Acting now would save you from entering into expensive and unnecessary bidding wars – inventory is already low and not expected to increase any time soon. It will get worse as soon as interest rates go down and more buyers enter the market.
Learn more about how all of this impacts your individual circumstances and we can find your dream home in 2024. Click here to learn how you could use an extra $72,0000.
Jennifer Blanchard Team
Berkshire Hathaway Fox and Roach HomeServices NJ Properties