Will 2024 be the right time for you to make your next real estate move? Ask 50 different people and you'll likely receive 50 different responses - but we're happy to say most signs are pointing to yes!
Understanding 2023 Market Condition
Throughout 2023 many prospective buyers and sellers opted for a cautious approach, slowed down by interest rates that climbed as high as 8%, then fell down to closer to 6.5% by year's end. Increased insurance premiums also impacted sales with LA Citizens implementing as high as a 63% rate increase in some areas.
Local home prices did manage a moderate average increase of approximately 2.5%, but also saw increased days on the market equating to slower sales. Homeowners are also favoring the recently elected Commissioner of Insurance Time Temple as he's already initiated collaborative efforts with incoming legislators and industry leaders to prioritize reducing our insurance premiums.
What Can We Expect in 2024?
Good news is on the horizon - last month, Federal Reserve officials forecast that they plan to cut borrowing costs 3 times this year! This is great news for buyers and sellers alike. Whether you are planning to sell or purchase in 2024, now is the time to start a conversation with industry professionals to make sure you're prepared.
Whether you're looking to buy or sell, today's housing market is constantly evolving and we're here to help you every step of the way. If you plan to make homeownership your #1 goal in 2024, or you're ready to sell and move on, call our office today to get started!
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