If you are thinking of selling it looks like 2024 is going to, again, a good time to sell your home according to Jessica Lautz, Deputy Chief Economist of the National Association of Realtors.  

“Mortgage Interest Rates continue their decline this week and have hit the lowest level in six months since May of 2023. Mortgage interest rates are now at an average of 6.61%, easing from 6.67% last week. The typical monthly mortgage payment for a $400,000 home is now at 2,046. While National Association of Realtor’s Pending Home Sales show flat data from October to November, the recent week’s rate decline should motivate buyers who had been priced out of the market.

There are many signs of encouragement heading into 2024 in the housing market, such as more housing inventory for home builders, lower mortgage interest rates, and demographics. This year even the youngest baby boomer (born between 1946 and 1964) turned 60 years of age. Baby boomers are the largest share of the home buyers and may be looking for their retirement property. Last year, half of older boomers paid all cash for their homes and are less concerned with mortgage interest rates. Additionally, millennials (the largest adult generation) may be looking for their first property or a move-up family home. Housing demand is apparent. With added inventory and better mortgage rates, 2024 looks like a better year.”

Give me a call – Let’s Talk Real Estate – Laura Berman, #0934015, Nick Sadek Sotheby’s International Realty 530-913-8789, laura@GvRealEstate.com

Courtesy of the National Association of Realtors, Jessica Lautz, Deputy Chief Economist.