Will 2024 be a buyer’s or seller’s market?
Specialist · MI · Member since 2024 · 15 posts · 6 votes
Will 2024 be a buyer’s or seller’s market?
Most Popular Reply
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2yQuote from @Jayvelyn Carbonel:
The U.S. real estate market seems unstoppable as home prices across the country continue to rise. But basing on the recent data, is it safe to say that we are entering a buyer's market this year?
When the market is unpredictable like it has been for the past 12 months or so, predicting demand is difficult. And there are several factors to consider, the high cost of living caused by high inflation rates and high interest rates and other more.
"If you're thinking about selling your home, this is absolutely the time to do it," a licensed real estate agent mentioned. Despite the high mortgage interest rates, he believes now, and most of 2024, will still be a sellers' market.
Sellers continue to dominate today's market due to tight inventory. Since there are fewer homes available than buyers, each home for sale becomes a hot commodity rather than being a good value. This year appears to be a seller's market unless inventory rises significantly.
Do you agree with this?
I believe it will end the year as a buyers market. Why, only 30% of people can afford an entry level home. Majority of americans live paycheck to paycheck and the increased rates from last year will finally start making their way through the system. I think many thought rates would go back to 2-3% and people now realize that will not happen - thus we will start to see more inventory increase especially in areas where insurance costs have skyrocketed
7e investments53 Reviews
3 Replies
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
Quote from @Jayvelyn Carbonel:
The U.S. real estate market seems unstoppable as home prices across the country continue to rise. But basing on the recent data, is it safe to say that we are entering a buyer's market this year?
When the market is unpredictable like it has been for the past 12 months or so, predicting demand is difficult. And there are several factors to consider, the high cost of living caused by high inflation rates and high interest rates and other more."If you're thinking about selling your home, this is absolutely the time to do it," a licensed real estate agent mentioned. Despite the high mortgage interest rates, he believes now, and most of 2024, will still be a sellers' market.
Sellers continue to dominate today's market due to tight inventory. Since there are fewer homes available than buyers, each home for sale becomes a hot commodity rather than being a good value. This year appears to be a seller's market unless inventory rises significantly.
Do you agree with this?I believe it will end the year as a buyers market. Why, only 30% of people can afford an entry level home. Majority of americans live paycheck to paycheck and the increased rates from last year will finally start making their way through the system. I think many thought rates would go back to 2-3% and people now realize that will not happen - thus we will start to see more inventory increase especially in areas where insurance costs have skyrocketed
7e investments53 Reviews - Rental Property Investor · Cookeville, TN · Member since 2019 · 49 posts · 25 votes2y
I would challenge the quality of this advice coming from a real estate agent. Agents today are operating on very few transactions and are starving right now. It's difficult to be unbiased.
Also, it will be different for various markets. Look at your market individually and see what the fundamentals are doing there and act accordingly.
- Member since 2019 · 7k+ posts · 4k+ votes2y
Quote from @Chris Seveney:
Quote from @Jayvelyn Carbonel:
The U.S. real estate market seems unstoppable as home prices across the country continue to rise. But basing on the recent data, is it safe to say that we are entering a buyer's market this year?
When the market is unpredictable like it has been for the past 12 months or so, predicting demand is difficult. And there are several factors to consider, the high cost of living caused by high inflation rates and high interest rates and other more."If you're thinking about selling your home, this is absolutely the time to do it," a licensed real estate agent mentioned. Despite the high mortgage interest rates, he believes now, and most of 2024, will still be a sellers' market.
Sellers continue to dominate today's market due to tight inventory. Since there are fewer homes available than buyers, each home for sale becomes a hot commodity rather than being a good value. This year appears to be a seller's market unless inventory rises significantly.
Do you agree with this?I believe it will end the year as a buyers market. Why, only 30% of people can afford an entry level home. Majority of americans live paycheck to paycheck and the increased rates from last year will finally start making their way through the system. I think many thought rates would go back to 2-3% and people now realize that will not happen - thus we will start to see more inventory increase especially in areas where insurance costs have skyrocketed
This is especially true outside some cities (bay area/NYC/Miami/LA). Outside of those cities the buying pwer is not that great.
Our mortgage rate is going to be 6-7% until 2028 it seems so.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.