Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

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The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”

While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.

If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it.

Mortgage Rates Are Forecast To Come Down Slightly

One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below):

No Caption ReceivedWhen you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates.

Home Sales Are Projected To Hold Steady

For 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie MaeMBA, and NAR to the 4.8 million homes that sold last year:

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The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let’s work together to make sure you’re one of them.

Bottom Line

If you have any questions or need help navigating the market, reach out.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

Do Elections Impact the Housing Market?

Do Elections Impact the Housing Market?

Do Elections Impact the Housing Market?

The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.

It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.

Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.

Home Sales

During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zondaexplains:

“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.

This is mostly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s important to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year.

In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the next year (see graph below): No Caption Received

The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election.

Home Prices

What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it:

“An election year doesn’t alter the price trend that is already happening in the market.”

Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below): No Caption Received

Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then.

All the green bars represent when prices rose the following year. So, if you’re worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections.

Mortgage Rates

Mortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below): No Caption Received

Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment.

What This Means for You

So, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says:

“Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.”

For most buyers and sellers, elections don’t have a major impact on their plans.

Bottom Line

While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. For help navigating the market, election year or not, let’s connect.

More Than a House: The Emotional Benefits of Homeownership

More Than a House: The Emotional Benefits of Homeownership

More Than a House: The Emotional Benefits of Homeownership

 

With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a home. That’s only natural as you think about the dollars and cents of it all.

And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership was so important to you in the first place. That’s because buying a home is so much more than just a financial transaction. As the National Association of Realtors (NAR) says:

“The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits.”

Here’s a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals.

A Sense of Satisfaction

Owning a home is often associated with better mental health and well-being. That’s probably because buying a home is a big milestone. And the sense of satisfaction and pride that comes with achieving that goal just feels good. A recent article from the Mortgage Reports says:

“By and large, homeownership brings more satisfaction than renting. . . Surveyees scored the overall happiness level of homeowners at 88% compared to 67% for renters.”

More Stability for Your Family

Another thing that may make homeowners feel more satisfied is that they’re finally able to put down roots. Think about it. If you’re used to moving each time your lease renews and your rent climbs, staying put for a while would be nice not just for you, but for any loved ones that live with you.

A home can provide more predictability and the chance to make long-term friends. That should reduce everyone’s stress too. As NAR explains:

“Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.”

A Stronger Feeling of Community

And if you’re also looking for a sense of belonging for yourself, homeownership can help with that too. As FinHabits says:

“Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging . . .”

It makes sense. Your home connects you to your neighborhood and, by extension, your broader community. That’s because owning a home gives you a stake in that community’s future. So, becoming more involved and wanting to do what you can to help improve the area while making long-term relationships with neighbors is only natural.

The Ability To Make the Space Your Own

And don’t forget, your home is a place that’s all yours. Unless you’ve got specific homeowner’s association requirements, you’re free to customize it however you see fit.

So, if renting has been cramping your style, it’s time to express yourself and jump on the latest trends (if you want to). Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. And as your tastes and lifestyle change, so can your home. Picture coming home each day to a place that feels like you. That’s a feeling like no other.

Bottom Line

If you want to enjoy a sense of accomplishment and pride in where you’re living, let’s have a conversation to go over what you need to do now to make this future happen for you.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

How Missing or Ghosting A Home Showing Can Damage Your Reputation And Business In Real Estate

How Missing or Ghosting A Home Showing Can Damage Your Reputation And Business In Real Estate

In the competitive world of real estate, maintaining a stellar reputation is not just important; it’s paramount. Missing a home showing might seem like a minor mishap, easily rectified with a rescheduling. However, this oversight can have far-reaching implications, casting a shadow over your professionalism and, by extension, your business. This article explores the nuanced ways in which failing to honor a showing appointment can tarnish your image in the industry, compromise client trust, and ultimately, negatively impact your bottom line.

Long-Term Impacts On Your Business Relationships

In the realm of real estate, professionalism and reliability are the pillars upon which successful careers are built. Missing a home showing, whether you are a seller’s agent, a buyer’s agent, or an interested buyer, can have far-reaching consequences that extend beyond the immediate inconvenience it causes. It sends a powerful message about your reliability and professionalism, or lack thereof, to all parties involved. This isolated incident can tarnish your reputation; a vital asset that takes years to build but only moments to damage. When word of such behavior spreads in the closely knit real estate community, it can lead to a decline in referrals and opportunities. Colleagues and clients alike are likely to think twice before scheduling future showings or recommending your services, fearing a repeat of the unreliability.

Moreover, the real estate business thrives on relationships, and every interaction is an opportunity to strengthen or weaken these connections. Missing a showing can be seen as disrespecting the time and effort of others, including the homeowner who may have spent considerable time preparing their property, and potential buyers who may have adjusted their schedules to attend. Such actions can severely impact the trust and rapport you have developed, making it difficult to maintain healthy, productive business relationships. Over time, this can lead to decreased collaboration with other agents, fewer listings, and ultimately, a diminished client base. Maintaining a solid reputation is paramount in ensuring the longevity and success of your real estate career, underscoring the importance of honoring all commitments, especially home showings.

The Significance Of Professional Reliability In Real Estate

Within the real estate industry, an agent’s reputation is one of their most invaluable assets. Much like the foundation of a home, it supports all the professional relationships and business activities an agent engages in. Missing home showings, whether due to oversight, poor time management, or any other reason, inflicts damage on this crucial foundation. It’s not just a missed opportunity to showcase a property, but a breach of professional etiquette that can severely tarnish an agent’s reliability and trustworthiness in the eyes of clients and peers alike. In a field where trust and dependability are paramount, such lapses can have far-reaching implications.

Building and maintaining a solid professional reputation requires consistent reliability, among other key attributes. When clients entrust a real estate agent with the sale of their property—a significant financial and emotional asset—they expect dedication, professionalism, and commitment in return. A missed showing disappoints the client, potentially disrupts their schedule, and can shake their confidence in the agent’s ability to represent their best interests. This disappointment is not confined solely to the client but also affects potential buyers who may perceive the missed appointment as unprofessionalism, leading them to question the worth of the property itself or to pursue other listings. Furthermore, such incidents can ripple through the professional community, diminishing the agent’s standing among colleagues and impacting future referrals.

Understanding The Ripple Effects On Your Market Standing

The first and foremost impact of missing a home showing, especially without proper notice, is the erosion of trust between you and your client. In the real estate industry, your reputation is built on reliability, trust, and the ability to deliver results. A missed showing may seem minor in isolation, but it sends a clear message about your professionalism and regard for others’ time. It can lead clients to question your commitment and reliability, potentially leading them to seek out more dependable alternatives. Furthermore, the interconnected nature of real estate markets means word of such lapses in professionalism can quickly spread, tarnishing your reputation not just with the immediate client but within the broader community. This diminishment of trust can lead to a significant decrease in referrals and repeat business, which are the lifeblood of success in real estate.

Beyond the direct relationship with your client, missing a showing can also disrupt relationships with other real estate professionals, including the listing agent and potential buyers’ agents. This can have a compounding effect on your market standing. Professional networks in real estate are tightly knit, with agents often relying on each other to facilitate showings and sales. Demonstrating a lack of respect for these professional courtesies can lead to being viewed as unreliable or difficult to work with, which may result in fewer collaborative opportunities. Additionally, for properties that are highly sought after, missing a showing can mean missing out on the deal altogether, reflecting poorly on your ability to secure opportunities for your clients. The ripple effects of such an incident can undermine your standing in the market, making it more challenging to compete and succeed in a highly competitive industry.

Strategies To Mitigate Negative Consequences And Maintain Professionalism

One fundamental strategy to mitigate the negative consequences of missing a home showing is clear, prompt communication. Real estate professionals should inform all parties involved—be it the seller, the buyer, or the agent on the other end—as soon as they realize they cannot make the showing. This allows everyone involved to adjust their schedules accordingly and helps prevent wasted time and frustration. Beyond mere notification, offering to reschedule at the earliest mutual convenience demonstrates a commitment to maintaining professional relationships and respect for others’ time. Additionally, providing a plausible explanation for the absence can help in preserving one’s professional reputation, as it shows that the missed appointment was not a result of negligence or lack of organization.

Thereafter, implementing systematic reminders and time management practices can serve as a preventive measure against future oversights. Utilizing technology such as digital calendars, CRM systems, and scheduling apps can greatly reduce the chances of double-booking or forgetting appointments. Embedding regular check-ins within one’s daily routine to review upcoming showings and confirmations with clients can also reinforce professionalism. For instances where unforeseeable circumstances might lead to a missed appointment, creating a protocol—such as having a trusted colleague step in or offering virtual tour options—can ensure that the client’s needs are still met with minimal impact. This not only safeguards the agent’s reputation but also underscores a dedication to client service excellence, which is crucial for sustained success in the real estate industry.

By adopting these strategies, real estate professionals can effectively navigate the challenges posed by missed appointments, thereby maintaining a positive image and ensuring the continued growth and stability of their business. The key lies in proactive communication, the implementation of organizational tools, and a commitment to exceptional service standards, which together form the cornerstone of professional conduct in the real noise sector.

 

In conclusion, the repercussions of missing a home showing extend far beyond the immediate inconvenience to clients and colleagues. Such actions can significantly damage one’s reputation, undermine long-term business relationships, and negatively impact market standing in the highly competitive real estate industry. Maintaining a high level of professional reliability is crucial; it fosters trust, ensures the sustainability of business operations, and enhances one’s professional image. By understanding these implications and adopting strategies to mitigate negative consequences, real estate professionals can uphold their professionalism, safeguard their reputation, and continue to thrive in their careers. Adopting a proactive approach to scheduling, communication, and contingency planning is not just advisable—it is essential for success in the real estate business.

Real Estate Agent Marketing Methods

Real Estate Agent Marketing Methods

 

Ready to sell your house? One of your top priorities may be getting help marketing your home. Partnering with a great agent can make all the difference. These are just a few strategies we can use to get your house more visibility. Ready to maximize your home’s exposure and potential? Let’s connect. #forsale #realestatetips #UtahRealty
 

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

Hiring a PSA or Pricing Strategy Advisor is the Key to Pricing your Home Right

Hiring a PSA or Pricing Strategy Advisor is the Key to Pricing your Home Right

Your Agent Is the Key To Pricing Your House Right [INFOGRAPHIC]

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Some Highlights

  • The asking price for your house can impact your bottom line and how quickly it sells.
  • Both under- and overpricing have drawbacks. So to find the right price for your house, lean on your agent for their expertise.
  • Don’t pick just any price for your listing. Trust your real estate professional to help you find the perfect price for your house.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

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