As we approach the beginning of 2024, many of you might be considering the exciting and significant step of purchasing a new home. This journey, while thrilling, requires careful planning and
What to Expect - 2023 Fall Real Estate Market
Dated: September 21 2023
Ready to FALL into the real estate market? Here are some market predictions for the upcoming quarter!
Home Prices and Rent Growth
• Home price and rent growth will likely level off for the remainder of 2023 and into 2024.
• Rent growth may overtake home price appreciation, with the rental market remaining strong and rental prices expected to increase.
• The number of renters is also expected to rise as the cost of homeownership increases, particularly in urban areas.
Mortgage Rates and Inventory
• Mortgage rates will remain high (above 6%), contributing to the overall high cost of home ownership.
• Unwilling to give up their sub-4% rates, sellers will likely stay put, causing the housing inventory shortages to persist.
• Joint real estate purchases will become more common as a way to afford larger properties and qualify for mortgages.
• Following a recent decline, the percentage of first-time homebuyers entering the market may rise in early 2024.
• Affordable markets in the Midwest, South, and Sunbelt will continue to attract younger buyers who are able to relocate due to remote work.
• Further, many are moving to be closer to family and loved ones, with 17% of recent buyers citing this as their primary motivation.
Are you ready to make a move? Reach out, I would love to help you find your dream home in time for the holiday season!
Mike Conner is a full time REALTOR who has been making his client’s dreams a reality 2003. Based in Centennial, Colorado, Mike is the expert to help you with all your home buying and selling nee....