Positive News for Buyers and Sellers in 2024
National Association of Realtors®(NAR) Chief Economist Lawrence Yun predicts that home sales will rise to 4.46 million by the end of 2024, which is a 9% increase compared to 2023. In other good news, U.S. News Senior Real Estate Economist Patrick S. Duffy reported that interest rates are expected to slowly decline over time, which will encourage migration and the listing of more homes.
This is excellent news for Realtors® eager to assist their clients in finding their dream homes as the surge in home sales increases and an influx in options comes to the table for buyers. Yun also delves into the influx of job opportunities this year creating a more favorable environment for consumers to sell their homes, creating a heightened housing demand.
Furthermore, he expands on some other great anticipations like a relaxation in rental prices in line with the Consumer Price Index (CPI), which potentially will be able to offer consumers the opportunity to secure rentals at more equitable rates this year.
With this in mind, these statistics can show Realtors® how to better assist their clients in navigating the real estate landscape in addition to helping their clients stay abreast of market trends to secure favorable rates. Summer is a much-anticipated season in the real estate market, marked by heightened activity from both buyers and sellers. Homebuyers are driven by the desire to place down roots in their new homes before the new school year starts, while sellers are keen to present their properties by enhancing their curbside appeal and even fixing up any little nook and cranny that needs retouching.
With market activity projected to escalate, this presents an ideal opportunity for Realtors® to guide their clients through the home-buying process and help them find a home that aligns with their budget and preferences.
By RWorld Staff
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Source: Florida Realtors® and U.S. News
