This is a YouTube video titled "10% Increase - Home Sales in 2024! #mortgagerates #interestrate #realestate #realtor #mortgagebroker" containing a market analysis discussion from November 25, 2023, about the housing market trends, interest rates, and inventory challenges expected in 2024. The speaker provides insights on predicted home sales growth and the impact of interest rates on buyers and sellers.
Fannie Mae predicts home sales to increase by 10% in 2024. And this is even if interest rates don't drop now, we think interest rates will drop in the next six to 12 months, probably before the election. A lot of signs are pointing to that. But the big problem we have across the country in the housing market is inventory. People prior to 2022 were in 2 or 3% interest rates and now the rates have climbed to 5, 6, 7, 8%. They don't want to, you know, purchase a new house and have their payment skyrocket. But now we're coming up on two whole years where people have purchased houses at elevated interest rates that are 5, 6, 7%. So now, you know, purchasing a new house at 7 or 8% isn't as big of a deterrent. So we should more resale homes come to the market could open up inventory. So realtors buckle up. 2024 looks like to be a busy season, especially if rates drop. It'll be way More than 10% increase in home sales. And for buyers, more inventory is coming, which is great news, but also more competition. So be prepared. 2024.
