Experts Predict 30% Increase in Listings

Experts Predict 30% Increase in Listings

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Experts Predict 30% Increase in Listings

Alice Lema: [00:00:00] Well, hey, real estate fans, welcome back to the weekly podcast. Today, we're going to talk about expert predictions in 2024. And it's kind of exciting because they're saying we bottomed in late 2023, which is kind of what we've been saying in our weekly market stats video. And also in our podcast that it felt like that's what was happening, but we don't ever know until it's behind us, right? It's a backward looking thing. So super excited to be showing a chart. This is from the St. Louis federal reserve. And it shows that from 1963 to 2023, look at the prices, even through all the gyrations and, and all the things that happened in the world during all those years, prices still went up with homes.

So now that we have a snapshot of that, I wanna quote a bank article that was published December 27th, 2023, written by Eric J. Martin [00:01:00] and quoting the National Association of Realtors. Chief Economist, Dr. Lawrence Yoon, one of my favorite sources. And Dr. Lawrence Yoon is quoted as saying that home sales have likely bottomed out in 2023 and are due to improve slightly in 2024.

So that is really what we've been experiencing here in Southern Oregon these last few months is that even though we still have some volatility, it feels like it's bottoming and maybe even coming back a little bit. And again, we'll have more numbers for Southern Oregon and also nationally, but not till a little later in January because everything takes time. But I want to go on to finish the quote with Dr. Yoon that he's predicting that the worst of the housing shortage is over and he's predicting a 30 percent higher inventory, 30%. So he's saying that's more choices for buyers. I am saying sellers heads up. If you're [00:02:00] buying and selling in the same market, then that's going to be good news for you.

Cause even though you're going to have 30 percent more competition, you're going to have 30 percent more choices for a replacement dwelling. But those 30 percent more listings are your competition in some respects. Now, we're talking about 30 percent nationally. We're talking about all different kinds of residential homes. But, the takeaway here is that especially if the interest rates go down, there's going to be a lot more buyers. So buyers are going to have competition with each other. And then sellers are going to have more competition with more listings. Now, having said all that, this is not a bad thing.

It is the beginning of a normal market, please. It is the beginning of a normalizing market. So I'm really excited because it would be nice to have a normal something for a change. But either way. We're having some national experts say we've already [00:03:00] bottomed out and we're, we're on our way to better things, maybe even 30 percent better.

So that's the podcast for this week. Give me a call. Give me a text. If you want more information about your specific property, Or what you're wanting to do with your real estate life next. I want to be your agent. I'm a great listing agent, great buyers agent. So give me a call. Give me a text 541-301-7980. And let me give you a hand. It's what I do have a beautiful rest of the week. We'll see you next time. Bye now.

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