Housing Price Forecast Spring 2024

Housing Price Forecast Spring 2024

Full Video Transcript Below

Spring 2024 Home Price Forecast

Alice Lema: [00:00:00] Welcome back to the weekly podcast. I'm Alice Lema. I'm a broker with John L. Scott real estate here in beautiful Southern Oregon, best place to live in the whole world, I think. And this week we're going to talk about our 2024 price spring market price forecast. And the reason we're doing this is because all the forecasts have been adjusted up. We had a super hard year, last year at the November 2023 forecast. Let's put the chart up. You can see that we had an anemic prediction for 2024, but we were so happy. Remember, we were so happy to have this. Any bump up projected for 2024 at all. That's how hard 2023 was.

So back in November 2023, the forecast for 2024 were on the positive, but just barely. So now here we are in March 2024 and all of the forecasts have been adjusted up. So this [00:01:00] puts us at an almost normal appreciation market predicted for 2024 spring. And even the pessimistic National Association of Realtors doubled their prediction.

So it's best for our economy and our communities if we have a sustainable appreciation that looks like three to 6 percent Southern Oregon and that'd be 3% Three to 6 percent appreciation annually. Southern Oregon often carries a premium because we're a lifestyle destination with all this beautiful open space, farmland rivers, the outdoors, the mountains.

So our properties carry a premium, but these forecasts are more in the normal, normal market appreciation percentage. So what does this mean to buyers and sellers? For spring 2024 in Southern Oregon sellers, let me address you first, cause you're going to immediately want to raise your prices 50, 000 or [00:02:00] more.

Do not do that. Our market is predicted to possibly have this bump up, but remember how weird the world is and look at where we are now. We never would have imagined all the crazy things that are happening. And that creates fear and a lack of, a lack of decision making sometimes with buyers and sellers because they're just worried about the world.

They're worried about the economy, stuff like that. So if we're starting to get some hopefulness, which is what these home price forecasts are saying, there's a little bit more buoyancy. Then look at your particular property sellers. If you're past the 30 day mark, You need to understand why, because even in a down market, you should still be getting offers and showings in your first 30 days, even if they're stinky ones.

So sellers listen up. Pay attention to the feedback from your showings. Pay attention to the feedback from your open houses. And if you're not in escrow and you're not getting any [00:03:00] offers, then really look at what's going on with your property and fix it, lower the price or both. Okay. Or if you want to experiment with waiting it out and you have the money and the mental fortitude to do that, because it's very stressful to be a seller.

Every time your phone ping is like, Oh, is it a showing? Is it an offer? You know, it's, it's very stressful to be, to be a seller, but you could have that option of waiting it out and seeing if the prices come up to me where you are. You can also take it off the market. If this isn't just working for you, wait another cycle and see what happens.

Buyers. I'm so happy to still have you in the market. We do have a little more inventory than we did last year, but we still have a shortage. So it's hard, but the advantage to be in a buyer right now with all the chaos and the high interest rates, is you have a little more, a little more flexibility with the sellers.

Now, if the prices do go up the sellers are [00:04:00] going to respond because that's what everybody does. So you may want to try buyers. You may want to try getting your offers accepted now, while there's still a little bit more uncertainty. And before, if these prices, price increases get legs, you want to be in front of that.

If you can find a property that you could live with, that's in your budget, et cetera, et cetera. But thank you buyers for staying in the market. If you're a buyer and you're not in the market, let's get you pre approved and get you out there because having flexibility from sellers means you get a little bit better price.

You might get your closing costs paid for. You might get beautiful brand new appliances or that lawnmower especially if it's a rider lawnmower. You might get the hot tub. So I think it's a little more fun for buyers, even though it's hard and the mortgages are high because the interest rates are high.

I think it's a little more fun in this kind of a market to be a buyer buyers that are waiting for another crash. I wouldn't do that. [00:05:00] I'm only saying that because we just don't seem to have the economic conditions for a real big turndown. Okay. And part of it is because buyers, we still have low inventory. Better than it was this time last year, but still low inventory. So having said that, I want to show you this other chart here. We have an updated five year appreciation price price forecast from 2024 to 2029. So look at this. If you start with a home in 2024 and the low four hundreds by 2029, you could be almost in the 500, 000 mark.

So that's mind blowing, right? So sellers, if you really want another a hundred thousand out of your house, you're, you may have to wait, according to these projections, you may have to wait five years. So think long and hard about that. If it's going to be worth it buyers. Look at the prices. This is what they're projected to do, and especially in [00:06:00] southern Oregon.

Again, because we are a lifestyle destination, we get top dollar even for the stuff in town. So keep that in mind. Write moderate offers. Sellers, I'm encouraging, encouraging you to be moderate with your pricing and be flexible with the buyers that do come to you with offers and let's all have a good spring housing market this season, 2024.

If you've got any questions give me a jingle 541-301-7980. I want to be your agent. I'm a great listing agent, great buyers agent, work with first timers. downsizers, upsizers, riverfront, rural property, great with investments.

Have a great Southern Oregon weekend. Hug those you love. Bye now.

Post a Comment