Decoding The 2024 Housing Market | A Guide for Buyers and Sellers

 

The housing market for 2023 seems to be on a downward spiral due to soaring housing prices and mortgage rates. However, home buyers and sellers can expect positive changes for the 2024 housing market.

Homeownership might be unattainable for many people right now, but there's a noticeable upward shift as more people enter the market and interest rates ease.

If you want to sell or buy a home near the Plymouth, Michigan, area, the best time to do so might be 2024. Below, HomeCraft Team explains what you could expect with the housing market in 2024.

 

 

 

Current Trends and Factors Influencing the 2024 Housing Market

 

The housing market has been at a bit of a standstill because of incredibly high mortgage interest rates driving home prices up in 2023. Fewer people are willing to enter the market when prices are so high, and sales are less certain.

The 2024 housing market predictions suggest that home sales will rise. There could be a 5% increase in home sales, with 30-year fixed interest rates dropping to about 6.5% by the end of 2024.

The extra activity in the housing market will make real estate firms more competitive. This could decrease home-buying fees, which passes savings to home buyers working with agents. Unfortunately, many young adults still find homeownership out of reach, so the demand for rental properties will increase.

 

 

Insights for Home Buyers in the 2024 Housing Market

 

Entering the housing market as a prospective buyer can feel overwhelming. Still, you can find the perfect property for your family and lifestyle without unnecessary hassles when you have an experienced real estate agent on your side. A realtor can help you narrow your housing options according to your budget, ideal neighborhoods, and housing preferences.

Here are tips to make your home-buying experience a streamlined process:

  • Think beyond the house styles and features you like and include preferred neighborhoods, school zones, and local amenities.
  • Keep track of your finances and credit score.
  • Start saving for down payments and closing costs early.
  • Source a respected mortgage lender with reasonable rates early in the buying process.

 

 

Strategies for Home Sellers in the 2024 Housing Market

 

You can take advantage of the housing market as a seller by making informed decisions. Hiring a knowledgeable Plymouth, MI, realtor can help you price your home according to your pricing wishes and the current housing market. Since most homebuyers prefer not to pay more than the value of comparable houses in the area, price negotiation is essential for satisfying you and potential buyers.

Other tips for selling your home in a competitive housing market include:

  • Hire a professional third-party inspector for pre-sale inspection.
  • Conduct wise and necessary renovations.
  • Stage your home professionally.
  • Book a photographer to take high-end photos and videos.
  • Create paid ads to market the property. 

 

 

Plymouth, MI, Realtor: Your Local Expert in the 2024 Housing Market

 

HomeCraft Team is the go-to destination for reliable realty services in Plymouth, Michigan. Our realtors understand that the housing market is ever-changing. That's why we always pay attention to current trends and ensure we can accommodate our clients' home selling and buying needs.

We use an organized approach to selling properties. Our process lets us prepare your home with professional decluttering, staging, and photography services before pricing and marketing the property across multiple channels.

With our 25 years of experience, HomeCraft Team can also aid in the home-buying process. With our intricate understanding of the housing market and 2024 housing marketing trends, we can help you find and purchase your dream home.

 

Navigating the 2024 Housing Market With The HomeCraft Team

At HomeCraft Team, we have over 50 years of collective experience helping residents in Plymouth, Michigan, and the surrounding communities sell and buy houses. We stay knowledgeable about the current housing market and use an organized selling approach to price and market houses effectively. Our team also helps with professional house staging, creating custom market reports, and making targeted marketing plans.

You can be confident that HomeCraft Team will make home selling a stress-free experience with our understanding of the 2024 housing market. Call (734) 531-7409 today to book a consultation with us.