Latest Housing Forecast… What’s Ahead?

Latest Housing Forecast… What’s Ahead?

As we move into the second half of 2024, what is the latest housing forecast from the experts? 

Hi, I’m Tanja Odzak, eXp Realty, I help people sell and buy homes right here in the East Bay!

Hard to believe that we are in the second half of 2024! One question I’m asked frequently is: Is it a good time to buy or sell? To answer that question we have to look at what is happening with mortgage rates, inventory, and pricing. 

As of today, mortgage rates continue to trend on the higher side. According to the Big Box real estate website “Zillow”, despite earlier reports in the year that rates would come down into the 5% range, we still continue to see rates hovering in the high six’s and low seven range. However, experts are still optimistic rates will tick down later this year. 

Now let’s take a look at inventory levels across the board. Overall, we still see inventory levels lower than normal with new listings at historic lows. According to Redfin Market Report, new listings are up 7.7% from 2023 but still below typical levels for this time of year. We are seeing many listings on the market becoming stale and on market for 30 days or longer and not selling. This is largely due to the interest levels, sellers expecting a price that’s too high, properties that have not been priced right when they go to market, and properties where the condition is not move-in ready. Most buyers today do not want to do costly repairs or renovations. They are looking for properties that are in good condition to avoid spending money on repairs in an already expensive housing market. 

The good news is the buyers are still out there and willing to pay premium prices but only if the homes they are purchasing are in good condition and in a good location. And, while home prices still remain at record highs, the pace at which they have been growing has slowed. Why is this? Mainly because even though we are still in a housing shortage, our inventory levels are not as severe as 2023. Buyers are seeing more homes on the market which gives them more options to choose from, this in turn helps keep prices from becoming over inflated. So, if you have to ask yourself is now a good time to buy or sell, the answer depends solely on your overall situation. 

If you would like more information on East Bay housing data, Call me today and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both! 

And if you or someone you know needs to sell a home, ask me about my home-selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really!  Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!

I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit. 

Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?

Click here—> I WANT TO GAIN ACCESS TO THE *HOME BUYER* SEMINAR NOW

Click here—> I WANT TO GAIN ACCESS TO THE *HOME SELLER* SEMINAR NOW

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