Old and New Rules About Real Estate in 2024

For most of 2023, homebuying wasn’t too pretty what with steep home prices, high mortgage rates and shortage of homes for sale. But this new year brings new hope. Could homebuyers get a break?

Below are the old rules that no longer apply to the current real estate market according to some experts, and new ones that will take their place this year:

• Old Rule: Mortgage rates are so high, buying a house might not make sense.
• New Rule: Rates are ebbing, so they shouldn’t stop buyers.

Now that rates have gone down; buyers are coming back and are eager to buy. Those buyers who are waiting to buy, hoping rates will drop further, are liable to miss the boat entirely as well as missing out on a large amount of equity.

• Old Rule: Buyers won’t face much competition.
• New Rule: Competition for homes will be increasing.

The average home is sitting on the market for fewer days and the number seems to be getting lower. Buyers are shaking off their holiday hibernation and jumping back into the market.

• Old Rule: Sellers won’t bend much to buyer demands.
• New Rule: Some sellers will make concessions.

Technically, we are still in a seller’s market, but with more new listings entering the market in 2024, there may be more wiggle room for buyers.

Best,

Ken & Ari Walker - Your Direct Private Money Source

Husband & Wife Team

Phone: 707-708-0797 / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401
Ken: CA DRE Broker #01858042 / NMLS #1221130
Ari: CA DRE #01858152 / NMLS #2170867

Bio: Ken & Ari are a husband & wife team with over 30 years of combined real estate and private money lending experience. They like working with buyers & borrowers, as well as directly with other licensed individuals who have clients in need of fast & alternative financing, and who can benefit from Private Money mortgages. (Qualify for our financing despite DTI ratios, credit score, property condition, difficult to prove income, etc. on purchases and refinances for owner occupied & investment properties.)