Drawing parallels between the football season and the real estate market.
Do you also think the real estate market resembles the football season this year? As someone who loves both football and the housing market, I can't help but draw parallels between the two. Let's dive into the real-life game that unfolded in 2023 and how it's shaping up for 2024.
In 2023, the real estate market kicked off like Tom Brady in his MVP days. Houses were showcasing their strengths, much like the Cowboys and the Kansas City Chiefs in midseason football. However, the summer brought unexpected twists–a slowdown in both buyers and sellers.
"Much like the unpredictability of Super Bowl contenders, the real estate market in 2024 remains uncertain."
Entering fall, the real estate market experienced a lull. Homes sat on the market for extended periods, leaving many wondering when the action would pick up. However, December, traditionally a slower month, surprised everyone. Houses that had lingered for 2 to 5 months suddenly started selling.
Now, let's talk numbers. In October 2023, interest rates reached a historic high of 7.79%. While this might sound alarming, it's essential to note that anything under 8% is considered favorable. Currently, rates are hovering around 7%, with the potential for high sixes if you have excellent credit and explore buy-down options.
Much like the unpredictability of Super Bowl contenders, the real estate market in 2024 remains uncertain. No crystal ball here. However, industry experts like NAR are optimistic, predicting rates to dip to the sixes by the end of the year, with a potential drop to the 6% range in early to mid-2024.
In the midst of this uncertainty, one thing is clear–the fundamentals of real estate still hold. Location, condition, and price remain the key factors. If these align, your house is likely to find its buyer. I've observed a shift – houses that once sat idle are now moving, and inventory is growing. So, if a new real estate venture is on your agenda for 2024, whether buying or selling, consider reaching out.
