Here is what buyers and sellers need to know about 2024’s housing market.
Today, we’ll delve into the pressing issue of the housing inventory shortage and explore whether it’s poised to change in 2024, alongside the possibility of a housing market recession.
First, let’s discuss the current state of the housing inventory shortage. Will it evolve in 2024, and can we anticipate a market shift? Experts are split on this question. Some argue that with high inflation and building costs, coupled with sellers reluctant to let go of low rates, inventory will likely remain low. On the other hand, increasing demand, driven by high rents, may lead to future hikes in home prices.
“I can help you navigate 2024’s housing market, no matter what happens.”
Conversely, there’s a camp predicting an impending recession. Concerns include a potential stock market sell-off, layoffs by S&P 500 corporations, and subsequent home sales by individuals facing job losses.
Several factors will influence this situation, including interest rates, inflation, and the unpredictable nature of the stock market. As things stand, a housing shortage seems likely for the foreseeable future, with the future of home prices unknown.
If you’re contemplating buying or selling a home and want to determine the best course of action, don’t hesitate to reach out. Call me at 602-738-9943 or send me an email, and let’s discuss your goals and the current market dynamics.
