Expert Home Price Forecasts for 2024 Revised Up

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they're even more confident prices will rise, not fall. 

So, let's see exactly how experts' thinking has shifted – and what's caused the change. 

2024 home price forecasts: then and now 

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections: 

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they've all updated their forecasts and now think prices…

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What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.  The simplest answer is that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature
Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and…

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Houses Are Still Selling Fast

Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as fierce as during the ‘unicorn’ years when houses sold quicker than ever, they’re still selling faster than expected.

The graph below uses data from realtor.com to tell the story of median days on the market for every January from 2017 through the latest numbers available. For realtor.com, days on the market mean when a house is on the market until its closing date or when removed from the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue).…

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Don’t Wait Until Spring To Sell Your House

As you think about the year ahead, one of your big goals may be moving. But how do you know when to make your move? While spring is usually the peak homebuying season, you can sell immediately. Here's why.

1. Take advantage of lower mortgage rates
Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may feel more open to your current mortgage rate. That downward rate trend has made moving more affordable than just a few months ago.
Another reason today's rates make it an excellent time to sell is that more buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that's happening, they're eager and ready to buy. That means…

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Are More Homeowners Selling as Mortgage Rates Come Down?

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. 

The mortgage rate lock-in effect 

Over the past year, one factor that’s limited the options for your move is how few homes were on the market.  That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: 

“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving…

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Experts Project Home Prices Will Increase in 2024

Even though home prices are rising nationally, some people still worry they might come down. A recent survey from Fannie Mae found that 24% of people think home prices will decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.  To help ease that concern, here's what experts forecast will happen with prices this year.

Experts project a modest increase
Check out the latest home price forecasts from eight different sources (see graph below):

The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this year – not down.
Prices aren't likely to depreciate in 2024 because inventory is still tight, and lower mortgage rates lead to…

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3 Must-Do’s When Selling Your House in 2024

If one of the goals on your list is selling your house and making a move this year, you're likely juggling a mix of excitement about what's ahead and feeling a little sentimental about your current home.  A great way to balance those emotions and ensure you're confident in your decision is to keep these three best practices in mind when you're ready to sell.

1. Price your home right
The housing market shifted in 2023 as mortgage rates rose and home price appreciation stabilized again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, economic research analyst for realtor.com, explains:

"Sellers need to become familiar with their local market and work…

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Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC]

•  If you’re worried about what’s next for home prices, know the HPES shows experts are projecting they’ll continue to rise at least through 2028. 

• Based on that forecast, if you bought a $400,000 house this year, experts say it could gain over $72,000 in equity over the next five years.                 

• If you're worried about falling home prices, don't be. Many experts forecast they'll keep rising for years to come. If you have questions, contact The Aaronson Group for expert guidance. Call 949-388-5194, email info@previewochomes.com 

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Are The Top 3 Housing Market Questions on Your Mind?

 When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something different on the news, and read something on social media that contradicts both thoughts. And, if you’re thinking about making a move, that can leave you with many lingering questions. That’s where The Aaronson Group comes in.

Here are the top 3 questions people are asking about today’s housing market and the data to help answer them.

1. What’s next for mortgage rates?

Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. Many buyers want to know what’s ahead for mortgage rates. The…

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The Aaronson Group Year End Sales Review

#2023 was a great year for #theaaronsongroup!

Thank you to all of our clients and friends. Wishing you a prosperous and healthy #2024!

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