Spring Outlook: What to Expect in the 2024 Spring Housing Market

Spring is traditionally the busy season for real estate, and 2024 is likely to be no different. Here's a quick rundown of what buyers and sellers can expect:

For Sellers:

Continued Seller's Market: Inventory is still low in many areas, which means homes are likely to sell quickly and potentially for above asking price. This is especially true in desirable locations.

Price Moderation: While prices are expected to remain high, the dramatic increases seen in recent years may level off. Experts predict a "flat stretch" rather than another surge.

For Buyers:

Competition: Be prepared for competition, especially for move-in ready homes. While bidding wars may not be as prevalent as in the past, they could still occur.

Rising Interest Rates: Mortgage rates are expected level off.  This will affect affordability, so be sure to factor in the higher monthly payment when considering your budget.

Overall:

Slower Pace: The market may be more balanced than in the past two years, with neither buyers nor sellers having a complete advantage. This could lead to a more relaxed buying and selling experience.

Tips for Buyers and Sellers:

Buyers: Get pre-approved for a mortgage to be a competitive buyer. Be prepared to act quickly when you find a house you love.

Sellers: Price your home competitively to attract buyers in a market with rising interest rates. Consider offering incentives like closing cost assistance.

Whether you're buying or selling, spring 2024 is shaping up to be an interesting time for the real estate market.  Do your research, consult with a realtor, and be prepared to navigate a market that's likely to see some shifts.