{"id":20338,"date":"2023-12-27T00:30:35","date_gmt":"2023-12-27T00:30:35","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=20338"},"modified":"2023-12-27T00:08:19","modified_gmt":"2023-12-27T00:08:19","slug":"expert-quotes-on-the-2024-housing-market-forecast","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2023\/12\/27\/expert-quotes-on-the-2024-housing-market-forecast\/","title":{"rendered":"Expert Quotes on the 2024 Housing Market Forecast"},"content":{"rendered":"

BY ANNA & MICHELLE<\/em><\/p>\n

If you\u2019re thinking about\u00a0buying\u00a0or\u00a0selling\u00a0a home soon, you probably want to know what you can expect from the\u00a0housing market\u00a0in 2024. In 2023, higher mortgage rates, confusion over\u00a0home-price\u00a0headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what\u2019s on the horizon for the\u00a0new year?
\nThe good news is, many experts are optimistic we\u2019ve turned a corner and are headed in a positive direction.<\/p>\n

Mortgage Rates Expected To Ease<\/strong>
\nRecently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, chief economist at\u00a0First American,\u00a0explains\u00a0how they may continue to drop: \u201cMortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .
\nJessica Lautz, deputy chief economist at the\u00a0National Association of Realtors\u00a0(NAR),\u00a0says: \u201cFor home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and\u00a0there should be optimism entering 2024 for a better market.\u201d<\/p>\n

The Supply of Homes for Sale May Grow<\/strong>
\nAs rates ease, activity in the housing market should pick up because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of\u00a0homes for sale\u00a0will grow \u2014\u00a0a trend\u00a0we\u2019ve already started to see this year. Lisa Sturtevant, chief economist at\u00a0Bright MLS,\u00a0says: \u201cSupply will loosen up in 2024.\u00a0Even homeowners who have been characterized as being \u2018locked in\u2019 to low rates will increasingly find that changing family and financial circumstances will lead to\u00a0more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.\u201d<\/p>\n

Home Price Growth Should Moderate<\/strong>
\nAnd mortgage rates pulling back isn\u2019t the only positive sign for\u00a0affordability.\u00a0Home-price\u00a0growth is expected to moderate, too, as inventory improves but is still low overall.\u00a0As the\u00a0Home Price Expectation Survey\u00a0(HPES) from\u00a0Fannie Mae,\u00a0a survey of over 100 economists, investment strategists, and housing market analysts,\u00a0says: \u201cOn average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by\u00a0slower growth in 2024 and 2025 of 2.4% and 2.7%, respectively.\u201d
\nTo wrap it up, experts project 2024 will be a better year for the\u00a0housing market. So, if you\u2019re thinking about making a move next year, know that early signs show we\u2019re turning a corner. As Mike Simonsen, president and founder of\u00a0Altos Research,\u00a0puts it: \u201cWe\u2019re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume\u2026 All in all, things are looking up for the U.S. housing market in 2024.\u201d<\/p>\n

Experts are optimistic about what 2024 holds for the housing market. If you\u2019re looking to buy or sell a home in the new year, the best way to ensure you\u2019re up to date on the latest forecasts is to partner with a trusted real estate agent. Let\u2019s connect.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

BY ANNA & MICHELLE If you\u2019re thinking about\u00a0buying\u00a0or\u00a0selling\u00a0a home soon, you probably want to know what you can expect from the\u00a0housing market\u00a0in 2024. In 2023, higher mortgage rates, confusion over\u00a0home-price\u00a0headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what\u2019s on the horizon for […]<\/p>\n","protected":false},"author":1,"featured_media":20340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[64,38],"tags":[],"class_list":["post-20338","post","type-post","status-publish","format-standard","has-post-thumbnail","category-better-homeowners-news","category-sponsored"],"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/20338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=20338"}],"version-history":[{"count":1,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/20338\/revisions"}],"predecessor-version":[{"id":20341,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/20338\/revisions\/20341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media\/20340"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=20338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=20338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=20338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}