Housing Market Predictions 2024

Housing Market Predictions 2024

Full Video Transcript Below

2024 Housing Market Predictions...Are There More Listings Already_

[00:00:00] Hey everybody, welcome back to the weekly podcast. We've got a great topic this week. We're going to talk about 2024 predictions. You know how I love predictions and we're specifically going to focus on, are there already a few more homes on the market than there were before? We're going to talk nationally and then drill down, locally. Cause that's what we do.

So nationally, I want to show you this, map of the United States. This was done by realtor. com and overall nationally, they're saying we have a 5 percent increase in the number of homes on the market. If you, if you go to Oregon, it shows a slight decline, but we're just talking nationally right now.

And then we're going to go down to Southern Oregon before we do that, I want to show the forecast for 2024. And this is again, nationally, and this is a chart put together by KCM, Keeping Current Matters. And they're checking with Fannie Mae the Mortgage Brokers of America and National Association of Realtors.

[00:01:00] And you can see that they are predicting either completely stable like Fannie Mae is doing, or a slight bump up of Home sale forecast. So we're comparing home sale to number of homes on the market because that's a direct impact of number of listings. The more listings we have, the more opportunity buyers and sellers have of making a deal. And they're looking at home sales predicting going up in 2024.

So what does that mean here? So we track the local market in all three counties every single week. It's on my market statistics update on YouTube, but just to get ready for this podcast, I wanted to backtrack a little bit because just six months ago all three counties that's Klamath Falls, Jackson County, and Josephine County, All three counties regularly weekly were showing a decline in the number of listings compared to year over year.

Fast forward [00:02:00] lately we have some volatility but we're starting to see an uptick not only in number of listings in all three counties. Some weeks are different but overall we're seeing that trend, but we're also seeing an uptick in price. So we're going to have to deal with the price in a different podcast because that's a whole nother thing.

But locally just this week, I market statistics in Klamath Falls, the prices are up. And the number of listings are up now. Jackson and Josephine County prices were volatile. Josephine County price was down. Listings were down. Jackson County prices were up. Listings were down. That's volatility, but it's, it's evening off and it's exciting.

And also we don't really know what to look for in the coming months because of the world economy and world events and stuff, but the predictions are that we're going to have a slight buoyancy in prices. And we're going to have a little more inventory on the market. So if you're in decision making mode about what to [00:03:00] do in your real estate life, if you're a seller, especially if you want to sell and buy something else, this could be perfect opportunity because the buyers that are out there right now, especially with these high interest rates, they really want to make a deal.

So you could get a really strong buyer, a really motivated buyer right now, if you're selling and put you in a position to buy again, or maybe take a little break and then reenter the buying market later in the in the year. There's pros and cons to that. Again, different podcasts. So if you're selling, then you don't have very much competition right now.

And the buyers that are out there are super serious. If you're buying, the sellers that are out there are super serious. It's the same market and the same opportunity. So buyers even though the the interest rates are high, that could change. We don't know when. Some people think it's going to be next year.

I [00:04:00] don't know. I'm not Nostradamus, but and we've been predicting, you know, a little dip in the interest rates for a long time. And, and the interest rates are a little bit volatile, but mostly they're high. So again, if you're buying you could get a lot more cooperation from sellers right now, because they know that it's hard. And so they're more accommodating. We're seeing sellers make adjustments on prices. They're making adjustments on terms, especially kicking in for maybe some money to bring the buyer's interest rate down or closing costs or more repairs. You know, in a seller's market, they're not very accommodating.

So if you're buying, this could be a golden opportunity, especially in Southern Oregon. So it's all very exciting. We have to, we have to track it because we're looking for micro trends to turn into macro trends and get some legs. But it does seem like there's more activity, there's more to choose from [00:05:00] for the buyers and the sellers are more quick to get their negotiations done, not only in price, but on terms like repairs and closing costs.

So yeah, it's super busy for being winter. Winter is usually a little sleepier time in Southern Oregon. Not so much right now. We have a lot, a lot of transactions going on. So stay tuned. We'll have another podcast for you next week. In the meantime, give me a call. Give me a text. Let me know what you want to do next.

Let's have a consultation. Let's run some numbers and see what we need to do in your real estate life. I'm a great listing agent. Work well with new, new people, old timers but I'm an old timer too. So I can say that. And also great with first timers, great with downsizers, group purchases, investment, great listing agent work well with stuff in town and also rural property, riverfront, whatever you need. I'm your gal. So give me a call. Give me a text [00:06:00] 541-301-7980. Have a great rest of the holiday weekend. We'll see you next week. Bye now.

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