In today’s episode I look to help you get ahead with our predictions and trends analysis for the real estate market in 2024. Understand what factors will drive the market and how you can prepare for the upcoming changes.
* Cooling in Overheated Markets: Certain cities, notably including areas like San Francisco, are expected to see a cooling or stabilization in their previously overheated real estate markets.
* Influence of Federal Policies: The Federal Reserve's stance on interest rates, which may remain high for an extended period, is likely to continue having a significant impact on the real estate market, potentially adding more strain.
* Shift in Listing Dynamics: The real estate landscape is witnessing a shift where new listings are increasing, but the overall active listings are reaching a three-year high due to homes remaining on the market longer, influenced by higher interest rates.
* Changes in Pricing Trends: There's a noticeable decrease in median listing prices and the value per square foot, indicating a shift towards a buyer's market where more space is available for less money.
* Seasonal Influences and Extended Market Times: The market is showing signs of adapting to new seasonal trends, with a slower drop in prices and homes staying listed for longer periods. This trend is expected to establish a new norm different from the rapid sales pace seen in recent years.
* Adjusted Selling Expectations: Sellers may need to adjust their expectations, as the peak prices seen during the pandemic are unlikely to return. However, properties purchased several years ago are still likely to sell for more than their original purchase price.
* Balancing of Supply and Demand: The ratio of pending sales to active listings is decreasing, indicating a move towards a more balanced market where supply and demand are aligning more closely.
* Longer Days on Market for Listings: The current trend shows homes are taking longer to sell compared to the rapid sales of the past few years. Sellers now need to be more strategic in pricing to ensure timely sales.
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