December Newsletter 2023

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PROJECTIONS FOR 2024

As we wrap up 2023 and look to 2024, it can be difficult to predict what will happen in the market. Will it cool off? Speed up? While we can’t predict the future, we can certainly share what the experts think might happen, and this month’s newsletter is all about that and more. So as you think about your real estate goals for 2024, give this a read and let us know if you’d like to have a conversation. And! Use our handy tool to estimate the value of your property.

Market Check

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EVERY DOOR MARKET REPORT

The numbers for October are in! Listings were down by 16% compared to a year ago October 2022, and overall inventory was down by over 1,000 homes. But, the homes that sold did so faster and the average sales price was up. 
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BIGGEST ONE-DAY DROP

According to an Inman.com article, “Mortgage rates registered their biggest one-day drop in nearly four years Tuesday (Nov 15)  following an encouraging inflation report that convinced bond market investors the Federal Reserve is done hiking rates and may reverse course in the spring.” We’re hopeful that this will set a good tone heading into 2024 and that the market will shift toward being more buyer friendly.
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HOMES WITHOUT A MORTGAGE

A record number of Americans own homes without having a mortgage. Data shows that nearly 40% of US homes do not have mortgages attached to them, and more than half of these homeowners are retirement age. This is yet another factor that shapes today’s market, as homebuyers are sidelined with lack of inventory and still-high mortgage rates.

2024 Predictions

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WILL HOME PRICES DROP IN 2024?

Four out of the seven market experts interviewed in this Mortgage Report article predicted that prices will rise in 2024. Two experts said prices would drop and one said prices would level off. All four experts predicted that mortgage rates would come down.
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BANKRATE’S 2024 PREDICTIONS

Bankrate.com made their own predictions for 2024 with experts weighing in. the sentiment is that as long as the economy continues chugging along, home prices and rates will stay where they are. They do not expect 2024 to be a buyer’s market unless the Federal Reserve backs off on rate hikes, making room for a surge of buyer interest. Read the full article here.
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WHEN WILL HOME PRICES BE AFFORDABLE AGAIN?

With the market looking to stay the same for the foreseeable future, Forbes offered this piece of comforting advice, especially for new homebuyers: “‘The housing market—like so many other markets—is almost impossible to time,’ says Orphe Divounguy, senior macroeconomist at Zillow Home Loans. ‘The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.’” Read their full analysis of the market here.
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HOME DESIGN PREDICTIONS FROM HOUZZ

Is gray officially “out”? Houzz.com made ten predictions for home design trends in 2024, including a surge of interest in herringbone patterns, the color blue, handmade features, appliance garages, and more. Check out the list here.

Every Door Home Loans

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Need help navigating home financing? Talk to one of our loan officers to get pre-approved today.

Every Door Home Services

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CLOGGED GUTTERS? ENCROACHING MOSS? DIRTY DRIVEWAYS?

Give our Home Services team a call! We’re here to help maintain your home during the Fall and Winter months. Our team of service professionals will beautify and protect your house as the seasons change!

Give us a call for landscaping, moss removal, pressure washing and even home remodeling services.

When you think of home maintenance, think Every Door Home Services!

Call (206) 317-4692 or email Projects@everydoorhomeservices.com

Local News and Updates

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Make the most of December with these 30+ events and activities in and around Seattle! Enjoy free museum days, walk the Green Lake Pathway of Lights, visit WinterFest, and more!

Happy Holidays from all of us here at Every Door Real Estate!

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