What does the Number 5 mean in the Real Estate Market?

February 27 2024

By Isabel Guzman, Realtor®

Video Transcription

What does the number five have to do with Real Estate?

We all know what a roller coaster ride 2023 was for the housing market. With skyrocketing mortgage rates and low inventory, it seemed like the market came to a screeching halt and everyone scratched their heads. So will this year be the year of the fives?

Hi, I'm Isabel Guzman, Broker Associate & Realtor with EXP Realty.

Let's take a look at the forecast. Experts are predicting mortgage rates could dip to the fives by mid-year bringing out buyers who have been on the sidelines waiting for rates to drop.

According to Keeping Current Matters Real Estate founder, Steve Harney, the lower rates will increase the demand for housing and he is predicting we could see 5.5 million homes sold nationwide this year. Wow, that is great news plus housing prices should appreciate about 5% from last year.

Additionally, we are going to see a lot of pent-up buyer and seller demand from 2023 spill into 2024 creating a more competitive but normal market. So, sellers and buyers get ready as the 2024 market will be heating up. As always, It is best to align yourself with a great agent.

Most agents know what’s happening but a great agent can

explain what’s happening and create a strategic plan for you. Our team of great agents are ready to help. Please reach out to my team and I so we can help strategize your next move.

I'm Isabel and I'm always happy to help!