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THE NHE ISSUE YOU DON’T WANT TO MISS! WHAT’S IN STORE FOR THE REST OF 2024 IN THE HOUSING MARKET? FIND OUT HERE!
July 19, 2024

Housing Market Forecast: What Will Happen With Home Prices in the Second Half of 2024?
Welcome to the Founder’s Exclusive Mid Year Update!
There’s been a lot of confusion out there, so I want to give you the inside scoop for what’s on the horizon. Here are the highlights – for a more detailed look ahead, download my guide here.
The Sellers’ Market Continues:
We’re still in a sellers’ market because there’s a low supply of homes, which keeps pushing prices up. This low inventory is due to various factors, like economic uncertainties, homeowners holding onto their properties longer, and a slower pace of new home construction. And with news rates may be cut as early as September, there could be a big bump in demand as buyers come back in droves to the marketplace.
Expert Insights:
Jessica Lautz, Deputy Chief Economist at NAR, put it perfectly: “Home prices are going to continue to go up because we don’t have housing inventory.” The imbalance between supply and demand continues to drive the market. With fewer homes available and strong buyer demand, prices naturally trend upward.
The Projections:
According to the Home Price Expectation Survey from Fannie Mae, home prices are expected to see small but steady increases every year through 2028. For the second half of 2024, we’re looking at about a 2.9% increase, reflecting a more stabilized market compared to the rapid increases seen in previous years.
This steady increase is a sign of a more balanced market, where price appreciation is sustainable over the long term.
Appreciation Trends:
While the percent of appreciation may not be as high as in recent years, the key takeaway is that prices will rise, not fall, for at least the next five years. The expectation for the second half of 2024, is an appreciation of 2.9% nationwide. This is reassuring for anyone worried about a drop in home prices. Even modest annual increases can significantly boost home equity over time.
What Does This Mean for You?
Pricing your home appropriately is crucial to attract serious buyers, especially in this mortgage rate environment. Overpricing can deter buyers, while underpricing can leave money on the table.
For Sellers:
Let’s talk about the strategies I’ve put in place to get you top dollar when you’re ready to sell. I have a proven system of professional staging options, high quality photography, video to make your home stand out.
With the continued upward pressure on prices, it’s a good time to list your home if you’re considering selling. Capitalize on the high demand and low inventory and the possibility of an interest rate drop bringing more buyers to the market.
For Buyers:
Understand that you’ll gain equity every year, which should boost your confidence in moving forward with homeownership. Real estate remains a strong long-term investment.
The expected steady price increases mean buying now can be a good investment for your future. Locking in a home at today’s prices could save you money as values rise.
It’s important to get pre-approved for a mortgage and work with a knowledgeable realtor to navigate the competitive market. Be prepared to act quickly when you find the right home.
If you’d like to discuss further your real estate plans for the second half of the year and beyond, let’s talk!
And here’s the link to the July-December 2024 Guide here.
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Jennifer@thenewhomeexperts.com | 702-335-4779
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