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What Will the Housing Market Look Like in Summer 2024?

3 weeks ago
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Late spring and early summer are typically the busiest time of year in the real estate industry. Whether you’re buying or selling a home, you should expect more activity between April and June each year. Is that going to be the case in 2024 when the real estate industry is in a continued state of chaos? It will, but this summer may be different than those before it. Learn more about what the real estate industry is expected to look like in the summer of 2024.

Real estate agents around the nation look forward to the period between late spring and early summer, as the market traditionally heats up. The weather is nicer, days are longer, and more people who work 40 or more hours a week have more daylight hours to view potential homes. Statistics show that late April through June are the busiest months on the real estate calendar each year.

However, things are shaping up to be a bit different in 2024. The real estate market has been in a perilous state over the last couple of years, and it seems unlikely that things will change drastically over the next few months. Whether you’re looking to buy or sell a home in the coming months, it’s important to know what the market is doing, both locally and nationally.

Inventory Will Be Low

One of the greatest threats to the real estate industry is the inventory shortage that is impacting the entire nation. The term “housing inventory” refers to how many months it would take for every home that is on the market to be purchased. When the market is operating at its best, there are usually so many homes on the market that it would take between five and six months for them to all receive an accepted offer. Currently, there are so few homes on the market that the National Association of Realtors (NAR) reports that it would only take three months to purchase them all, roughly half of where the market should be. This is unlikely to change anytime soon, and depending on which side of the transaction you’re on, this is either good news or bad.

If you’re selling a home, you certainly have more control over the transaction. Consider this principle on a smaller level. If you live in a neighborhood where there are 20 homes and 15 of them are on the market, you’re competing with 14 other sellers in your search for a qualified buyer. However, if only three of those homes are listed for sale, you suddenly have 1/3 of the market, giving you even more leverage when it comes time to negotiate.

If you’re in the market to purchase a home, this lack of inventory is troubling at best. Consider that same neighborhood that has 20 homes. If you’re looking for one of those 15 homes for sale to purchase, there’s a good chance that you’re going to get a reasonable deal on a property, even if you’re competing with nine other people. However, if you’re one of 10 people wanting to purchase a home for sale and there are only three to choose from, you’re going to have to be willing to pay more or offer some concessions along the way.



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