Download
1 / 9
0 likes | 13 Views
The Oriana Shea Group represents the region's finest properties and a Real Estate Long Beach and the surrounding area with exceptional skills using the most innovative technologies currently available.Thereu2019s no arguing this past year has been difficult for homebuyers. And if youu2019re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in todayu2019s market felt like too much to tackle.
E N D
UNLOCKING HOMEBUYER OPPORTUNITIES IN 2024 www.orianashea.com
Introduction The Oriana Shea Group represents the region's finest properties and a Real Estate Long Beach and the surrounding area with exceptional skills using the most innovative technologies currently available. There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were: www.orianashea.com
The Supply of Homes for Sale Is Growing One of the most significant shifts in the market this year is how the months’ supply of homes for sale has increased. If you look at data from the National Association of Realtors (NAR), you’ll see how inventory has grown throughout 2024 This increase means you have a better chance of finding a home that suits your needs and preferences. And if the biggest reason you put off your home search was difficulty finding the right home, this is a big relief.
There’s More New Home Construction And if you still don’t see an existing home you like, another big opportunity lies in the rise of new home construction. Builders have worked to increase the supply of newly built homes this year. And they’ve turned their attention to crafting smaller, more affordable homes based on what’s most needed in today’s market. This helps address the long-standing issue of housing undersupply throughout the country, and those smaller homes also offset some of the affordability challenges you’re feeling today.
LESS BUYER COMPETITION Mortgage rates are still hovering around 7%, so buyer demand isn’t as fierce as it once was. And when you combine that with more housing supply, you have a better chance of avoiding an intense bidding war. “Home shoppers who persist could see better conditions in the second half of the year, which tends to be somewhat less competitive seasonally, and might be even more so since inventory is likely to reach five-year highs.”
Home Prices Are Moderating Speaking of prices, home prices are also showing signs of moderation – and that’s a welcome shift after the rapid appreciation seen in recent years The average forecast for home price appreciation in 2024 is for positive growth around 3% to 5%, which is more in line with historical norms. That moderation means that you are less likely to face the steep price increases we saw a few years ago.
The Opportunity in Front of You If you’re ready and able to buy Homes for Sale Rossmoor, you may find that the second half of 2024 is a bit easier to navigate. There are still challenges, but some of the biggest hurdles you’ve faced are getting better as time wears on. On the other hand, you could choose to wait. But if you do, here’s the risk you run. As more buyers recognize the shift in the market, competition will grow again.
Let's Contact Us 5534 E 7th St, Long Beach, CA 90804, United States 562-477-3388 sales@orianashea.com www.orianashea.com
