2024 Real Estate Market: Buyer Opportunities You Can't Miss

What are the latest opportunities expected for the remainder of the year? As I speak to many clients and people throughout our community, most potential buyers and sellers are tired of hearing about low inventory, higher mortgage rates, higher prices.

Well, I get it. This has been ongoing news as of late, but we have some good news if you're in the market to buy, according to chief economist Danielle Hale of Realtor.com. And I quote, Home shoppers who persist could see better conditions in the second half of the year, which tend to be somewhat less competitive due to inventory likely to reach five year highs. End quote. We are seeing more inventory of existing homes improving nationally, presenting more opportunity for buyers.

We are also seeing more new construction options available with an increase in new builds up this year. This is good news for buyers as builders oftentimes have the flexibility to buy down rates and offer concessions to buyers. It's very important that if you're going to buy a new construction, make sure you bring an agent who is there to represent you and make sure they negotiate better terms and incentives on your behalf.

Finally, home prices are moderating after the last five years of home prices spiking. We are starting to see a more normalized market with appreciation rising but at a much slower pace, according to Lawrence Yun, chief economist of the National Association of Realtors. The second half of 2024, we should see moderately lower interest rates, higher home sales and stabilizing home prices. This is good news for buyers and for sellers too, as more opportunities are coming into the marketplace in the later part of the year.

But as you know, it's impossible to time the market. And with opportunity also comes a trade off. We could also see more buyers jump back into the market as rates drop and inventory improves, which could lead to multiple offer scenarios. That's why, as a buyer, always remember the best time to buy is when you can make the numbers work and you find the right home.

If you would like more information on the national housing market or our local housing market right here and San Luis Obispo County, please reach out to my team and I.