Karla Painter, Realtor®
January 22, 2024
With everything that happened in 2023 – a debt ceiling crisis, recession, several bank failures, four Fed funds rate hikes, inflation, two significant ongoing wars, slowing consumer spending, and a loosening labor market, my clients ask me all the time what does 2024 hold for real estate. Phew, that was one heck of a year! Lets take a deep breath and look at my predictions:
The balancing act will continue. I see sellers returning to the market because they are tired of waiting. I see buyers returning to the market due to pent up demand and lower interest rates. I see inventory remaining low, but will continue to grow with demand increasing. Hence, prices will increase slightly. And the selling season will start a bit earlier this year since the Broncos are not in the play-offs. Don’t laugh, it is a thing…
New construction stats are down 36% with new starts also down. This is primarily due to the length of time to build a house. Builders are capitalizing on the low inventory, with 18.4% of home sales being new construction.
So, what does that mean for you and your family? Give me a call today so we can discuss all your options moving forward. With interest rates predicted to go down this year, 2024 might be a great time to downsize, find your dream home in the mountains, enjoy retirement, make an out-of-state move to be closer to the grandkids, consolidate debt, etc. Just remember that my team is here to help with whatever you are thinking of doing this year.