Housing Market Forecast: What is Ahead for the 2nd Half of 2024 As we move into the second half of 2024, here is 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: 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 do not have housing inventory. While inventory is up compared to the last couple of years, it is still low overall. And because there still are not enough homes to go around, that will keep upward pressure on prices. If you are thinking of buying, the good news is you will not have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices are not expected to drop. They will 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): When 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 have been hesitant to sell due to todays 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 Mae, MBA, and NAR to the 4.8 million homes that sold last year: 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 us work together to make sure you are one of them. Bottom Line I have been selling homes now in the Metropolitan Indianapolis area for over 20 years. I have seen the real estate market make many adjustments up and down over the years. If you are contemplating buying or selling a home this year then reach out to me for advice, I am here to help you navigate the process and I look forward to assisting you. More than 440 Homes Sold, Over $130 Million in Sales

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It is a common misconception that a real estate agent primarily learns of someone looking to buy or sell a home when someone simply calls an agency looking for an agent to help them. Although this can happen, it is very rare. In fact, over 80% of the referrals I receive come from past clients and past coworkers just like you. The other 15-20% of referrals comes from our national network of relocation companies and other Coldwell Banker agencies across the country. The greatest compliment I can receive is when someone like you refers me to a friend, coworker or family member of theirs. If you, or someone you know, are looking to either buy or sell a home then I would certainly appreciate the opportunity to earn your business. Do you know of someone looking to buy or sell a home? Click the vCard below to download my contact information to load on your phone and to share with anyone you know that would benefit from my help in buying or selling a home.

Contact Brad Gough

12401 Old Meridian Street Carmel, In 46032 Email brad@btgough.com Mobile (317) 590-3571 Office (317) 844-1131 Website www.btgough.com