April 2024 Video Market Update

LOVE OUR INTEREST RATE, BUT THE HOUSE NOT LONGER FITS OUR NEEDS!

Do you love your interest rate, but your home no longer suits your needs? 
You’re not alone. 82% of homeowners in a recent survey said the same.

The good news is, six months ago, rates topped out at 8%. And now we’re averaging in the high sixes.

Noted economist Mark Zandi says that rates will finish below six percent this year. Incomes will go up, but home prices will come down a little bit.

Why will they come down you may ask yourself? Well, in the coming two years, there will be three million marriages, seven million births and approximately 50M people changing jobs.

These are natural reasons for people needing to make a move, and the market will be accelerated by lower interest rates.

Our expectation is that by the fourth quarter this year, there will have been three rate cuts. And when rates are lower, we project a significant amount of homes will go on the market. This increase in inventory will create price pressure on homes. 

So, if you’re actually interested in getting top dollar for your home, right now would be a good time to consider putting it on the market.

If you want to discuss strategies for maximizing the value of your home, please give me a call at (602) 750-1744. Donald Keys - Selling Homes Since 2006 - HomeSmart.

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