Welcome to 2024! Over the past four years, the housing market has been grappling with a lack of normal seasonal growth, particularly in the aftermath of the COVID-19 pandemic. As we enter 2024, I am hopeful for a change in this trend and anticipate a much-needed increase in new listings during the spring. As  we have not witnessed a fully functioning housing market for quite some time, I do feel as though I have had more calls to list than I have in the prior 4 years.

One major factor affecting mortgage rates is the 10-year rate, which has become central to the real estate market and mortgage rates. It currently sits at 3.98% which is far from the 5.04% we saw last year. The prevailing belief among industry insiders is that the Federal Reserve’s hiking cycle has ended and may have even exceeded its intended goals. Consequently, if spreads improve, there is a possibility that mortgage rates could reach 5%. Wouldn’t that be wonderful! But if they do, look for there to be another run on housing with multiple offers becoming the standard again.

Stay warm wherever you are and let me know if I can help with any of your real estate needs in 2024.

Christy BerryJanuary 16, 2024