New Year New Home: Our Real Estate Predictions for 2024

2023 was…a year when it comes to real estate. All brokerages, including VIBE, felt the market slowdown, higher interest rates and both buyers and sellers waiting out the lull. We’re turning our sights on 2024 now, though, and we thought we’d break down our predictions for the new year.

First, an acknowledgement that 2024 is an election year, which means the fall is going to look different than usual. We’ll see a focus on the polls and people will likely be putting their heads down to make it through political ads, rhetoric and fear mongering. With a volatile fall upcoming, our prediction is a very strong spring and summer market.

Many buyers who have been waiting in the wings for lower interest rates, a stronger market with more inventory or just a better time for their family will likely be out early in the spring, especially if we continue to see such a mild winter. More buyers will likely mean a return to homes on the market for less time and more competition over desirable properties. Our prediction is a very strong market, so if you’re considering buying, you should reach out to an agent now to work through the pre-approval process and then get set up on a search so you can be first to see what is available.

Sellers have also been waiting, and looking for opportunities to maximize the selling process for their homes, and we predict they’ll be ready to sell early this spring. With an increase in the number of homes on the market, there will be a lot of activity, which we love! Selling your home is a longer process than most homeowners anticipate, so if you’re considering listing your house in the spring, you need to reach out to an agent now! Contacting an agent in February is often too late to take full advantage of all the spring market has to offer - which we’re predicting will be a lot!

As for VIBE, our predictions are for a banner year full of great transactions, connecting with clients and supporting our amazing agents. We can’t wait to see what the new year brings and we hope we are part of your 2024!