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What to Expect in the Spring 2024 Housing Market

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The US housing market has been in a state of flux since interest rates bottomed out during (and directly after) the COVID-19 pandemic.

While most industry experts agreed that these lower interest rates would likely cause ripples that lasted for a while, most people probably didn’t expect the issues to last as long as they have.

Springtime is typically a busy time for realtors and lenders. Thanks to nicer weather and longer days, people are more interested in viewing properties that they’re interested in buying.

The cold temperatures of winter are gone, and people who work traditional 9-to-5 jobs can leave their offices and go view properties much later into the evening.

However, there’s no escape from the fact that our current real estate market has not fully bounced back to its pre-COVID levels. With that in mind, what can you expect in 2024?

The Law of Supply and Demand

The US housing market has favored sellers for the last couple of years. Thanks to interest rates that have precluded many potential buyers from being able to obtain funds and an overall lack of inventory on the market, sellers have held the cards in most negotiations.

As is the case with every industry, real estate relies on the laws of supply and demand. When there aren’t as many homes on the market, the people who are selling the homes that are available can ask for more money than they would typically be able to get.

Now, if you’re selling a home, that’s great news for you, especially if you live in a traditionally popular housing market. In the past, there may have been 50 homes for sale at any given time in your market.

That would mean that your home would be one of 50 that people had to choose from.


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