The Forbes article “Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?” written by Robin Rothstein and Caroline Basile , Link to the article is below, is an extremely well researched, source, and written article. If you are considering buying or selling, it is a good “prediction” piece that will give you plenty of things to consider no matter how you feel about this topic.
In short, 2024 is going to be a flat year for real estate. Unless interest rates dip to low 5%’s and in the inventory goes up, based on a consensus of financial and real estate professionals, the authors sought out for comment. The headwinds in the real estate market are the lack of inventory and sellers not wanting to trade their low mortgage rate they got during Covid for a much higher rate today.
The result is, a serious lack of inventory, causing an ever increasing prices for homes, making home affordability impossible for many Americans.
The article points out something that I believe is accurate, if the Federal Reserve lowers the interest rates too fast, there will be surge for homes and prices will climb in higher. The experts believe the best approach is a gradual one. Although as of now the Fed reserve Chairman Powell has indicated he is not sure when the reserve will take up the lowering of interest rates. Thus making 2024 a boring year in real estate, not much activity.
https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/
