The Neighborhood Connection: February 2024
GREETINGS, 2024!
In the heart of the Pacific Northwest, where vibrant communities flourish against breathtaking landscapes, our mission extends beyond finding houses—it’s about creating homes. The Pacific Northwest’s unique charm inspires my excitement to continue guiding you through the dynamic real estate landscape of this region.
Entering this new year, an overwhelming sense of optimism and enthusiasm prevails. Despite the challenges faced in 2023, the Pacific Northwest real estate market is poised for positive shifts. Anticipated decreases in mortgage rates and a potential surge in housing inventory are encouraging signs that 2024 may mark a turning point for the region.
2024 Predictions
Mortgage rates are projected to decrease, offering relief from the obstacles encountered in 2023. While a dramatic drop to 3% or 4% is unlikely, the National Association of Realtors® (NAR) is optimistic, expecting rates to average below 7% by the spring buying season and end the year around 6.3%.
Inventory is set to increase by up to 30% in 2024, a welcome change from the limited options of the previous year, according to Lawrence Yun, chief economist at NAR.
Home prices are forecasted to appreciate modestly due to ongoing dynamics and limited available homes. A national price plummet is unlikely without a sudden influx of listings.
Home sales are expected to rise in 2024, with predictions varying. Realtor.com offers a conservative estimate of a 0.1% year-over-year increase, while NAR forecasts a substantial 13.5% jump compared to 2023. Lower mortgage rates may attract more buyers and encourage sellers to list their homes.
In this issue, we will delve into the latest market trends, predictions for the year, and exciting opportunities awaiting both buyers and sellers. Let’s seize the opportunities this new year brings and together turn your real estate aspirations into reality.
Wishing you a prosperous and joy-filled 2024!
Warm regards,
Warm regards, Michele
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