Key Points:
* In a sudden twist of “forecast goodness”, a Pulsenomics panel of over 100 housing experts has changed their tune on the 2024 housing market. After originally predicting a modest 2.4% price hike, they’ve now cranked up their crystal balls to forecast a 3.8% increase.
* These housing gurus see economic conditions, like low mortgage rates and a roaring job market, as key drivers for their bullish outlook. Remember people, more jobs equals more money to buy that dream house with the ‘his and hers’ bathroom you’ve always wanted.
* Needless to say, this might be fabulous news for home sellers who will get to see their properties get a bit more love from the market.
* Meanwhile, buyers who are already feeling their wallets getting thinner may just have to dig a little bit deeper into those pockets.
* The report also indicates that the panel’s forecast for 2022 and 2023 remained unchanged. The panel’s seemingly Jedi-like ability to foresee the future doesn’t apparently extend to the nearer future.
* Regardless, experts urge prospective buyers to stay optimistic, because – remember folks – optimism can smooth out any real estate road bumps. Or so they say.
Real Estate Rollercoaster: Price Projections Going Up!
2024 Housing Forecast: 3.8% Price Increase – Fasten Your Seat Belts
Present Conditions Drive 2024 Forecast : Mortgage Rates & Job Market
Alright folks, the real estate rollercoaster just took an unexpected twist. My advice: fasten your seat belts, and ensure your wallets are secured. Our friendly neighborhood housing experts just pumped up their anticipation for the roaring 2024 market, revealing a 3.8% climb in prices. Now that’s some wild ride!
We’ve got phenomenal job growth and low mortgage rates acting as our rollercoaster operators, pushing the prices up that steep ascent. Sellers, get your confetti ready, it’s party time for your property values! As for the buyers, well, better roll up the sleeves and get ready to dig deeper into those precious wallets.
Oh, and our very own forecasting Jedi panel is maintaining radio silence regarding 2022 and 2023. Seems the Force isn’t quite with them these years. But hey, staying optimistic is key, right? As real estate enthusiasts, we consider optimism the WD-40 that keeps the property wheel turning smoothly. So, although prices might be on the way up, your spirits better be the same way too! Climb aboard folks, the ride’s just getting started.
Original article: https://www.inman.com/2024/03/01/scarce-inventory-falling-rates-could-boost-home-prices/
