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Buyers, and sellers for that matter, have been adjusting to high-interest rates as they navigated the real estate market in 2023. With a new year, and signs of the economy decelerating, many wonder what is in store for next year. Everyone I have spoken to anticipates interest rates to go down in 2024, but the question is always "by how much" and "when"?
No one knows the answer, but many experts and economists and weighing in. Most recently ING Economics touted that the fed would cut rates 6 times next year, most likely beginning in the second half. You can read the full article from Business Insider here.
We have already seen rates dip slightly, but the closer we see them get to 6%, my expectation is:
1. More buyers will be active in the market. Any buyers who have been in a holding pattern waiting for rates to come down will flood the market and create increased competition. It might not reach the craze of the "unicorn years", but there will be more urgency than we're seeing in 2H of 2023.
2. Home prices will go up. While the Denver metro area has remained relatively steady from a price standpoint, more buyers in the market should push prices higher.
3. We'll see an uptick in new listings. Many sellers have been holding off on listing their homes because they haven't wanted to move. Some were deterred by interest rates and others by lack of inventory. I predict this will loosen up slightly as rates come down and more inventory will become available.
Make sure to get a copy of my buyer's guide for tips on how to make sure you're prepared when the timing is right for you. You'll also get access to my new interactive neighborhood maps and more.
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If you're in the market to buy/sell a home, or you just want to chat about real estate, let’s connect! I'm happy to share my insights, market resources, vendor referrals, or anything else that would be helpful in your journey.
Michelle Fitzgerald
Real Estate Broker, Realtor®
phone: 970.215.8455
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/