2024 Real Estate Outlook
Private equity fund manager Grant Cardone joined ‘FOX & Friends’ to discuss current struggles with the housing market and the impact interest rates have on consumers.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates.
2024 Real Estate Outlook
These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
Predicting the precise future of residential real estate prices is tricky, as it depends on several interconnected factors with varying degrees of uncertainty. However, based on current trends and expert predictions, here’s an overview of the possible outlook for 2024:
National Level:
- Flat or modest growth: Most predictions fall within a range of 0% to 4% national price growth in 2024. Organizations like the National Association of Realtors (NAR) and Fannie Mae expect prices to remain relatively stable compared to 2023’s strong appreciation.
- Moderating trend: The rapid price increases of recent years are likely to slow down due to rising mortgage rates, economic headwinds, and affordability concerns.
- Regional variations: Different markets will experience diverse trajectories. Some highly desirable areas, like Austin, Texas, may maintain or even exceed national growth averages, while others, particularly those heavily reliant on first-time buyers, might see price dips.
Factors to consider:
- Mortgage rates: Continued hikes in mortgage rates could further dampen buyer demand and slow price growth. However, potential stabilization or even decreases in rates later in 2024 could stimulate the market.
- Economy: The overall economic performance will play a significant role. A recession could impact buyer confidence and lead to price reductions, while continued economic stability could support moderate price increases.
- Inventory: Increased housing supply could ease demand pressures and contribute to price stabilization. However, ongoing supply constraints in certain areas might keep prices buoyant.
Overall:
- 2024 is likely to be a transition year for the housing market, with a shift from the seller-dominated, fast-paced environment of recent years to a more balanced market with moderate price movements.
- Affordability will remain a major concern, particularly for first-time buyers, potentially impacting demand and influencing localized price trends.
- Closely monitoring local market conditions and seeking professional guidance from real estate agents will be crucial for informed decisions in 2024.
HOW TO PREPARE:
1. GET A 30 YEAR MORTGAGE A 30-Year mortgage gives you the flexibility to still make a lower minimum payment and save the extra money if the circumstances require it.
2. GET A FIXED INTEREST RATE This prevents your payments from suddenly being increased 5-7 years in the future if interest rates are somehow higher than they are today.
3. REFINANCE IF RATES GO DOWN This allows you to save more money on your monthly payments.
4. AVOID SELLING IFYOU DON’T NEED TO Ideally, by not selling, you’ll have the time to ride out any fluctuations in price long enough for them to recover and bring you back to profitability.
5. ALWAYS KEEP CASH ON THE SIDELINES – JUST IN CASE The reality is, anything can come up, at any point, that will end up costing you money.
6. ONLY BUY A HOME YOU CAN COMFORTABLY AFFORD
Remember, these are just broad predictions, and individual circumstances may vary. It’s always advisable to consult with a local real estate expert for specific insights and guidance regarding your particular market and situation.
2024 Real Estate Outlook
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DISCLAIMER:
Some of the links in this description and in our videos may be affiliate links, and pay a small commission if you use them, but never increase the basic cost. I really appreciate the support. The content in my Youtube videos SHALL NOT be construed as real estate, tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. I am a not financial adviser. I only express my opinions based on my experiences. Your experience may be quite different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. There is NO guarantee of gains or losses on any investments. My produced videos are for entertainment purposes ONLY. DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer, financial advisor, or the appropriate professional for the subject you would like help with.
- Although no longer a licensed California real estate broker Bob’s 30 plus years of experience in the real estate industry with all the contacts that he has developed, he is able to provide referrals to the top real estate Professionals in any state within the United States. So, although you can’t get Bob to represent you personally, Bob can select a top real estate professional with years and years of experience to ensure that you get the best possible representation.
