Expert Real Estate Predictions for Spring 2024

expert real estate predictions spring 2024

Here’s a breakdown of what the professionals are saying about what’s in store for this spring season regarding inventory, mortgage rates, and the best time to buy.

“In February, there was an increase in sales activity within Ohio’s housing market…,” ~Ohio REALTORS President Ali Whitley.

“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” ~Odeta Kushi, Deputy Chief Economist, First American

There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” ~Lisa Sturtevant, Chief Economist, Bright MLS

“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.” ~ Skylar Olsen, Chief Economist, Zillow

“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.” ~Jiayi Xu, Economist,

“It’s also very dependent on mortgage rates. I don’t expect that we will see a Fed rate cut until the May meeting at best, maybe even later. So, we may not get any meaningful declines in mortgage rates until we are well into the spring home-buying season.”  ~ Mark Fleming, chief economist at First American

So when is the best time to buy?

“Mortgage rate projections are just that, projections, not promises and don’t forget how hard it is to forecast them or an early spring. So my advice is to never try to time the market. Trying to time the market is less important than a home buyer’s lifestyle needs and financial readiness. While market conditions are important, the decision to buy a home is personal and should be based on the financial preparation and lifestyle choices. If one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase.” ~ Mark Fleming, chief economist at First American

Key Takeaways:

The insights shared by experts offer a multifaceted view of the spring housing market. Whether you’re a prospective buyer, seller, or investor, staying informed about these factors can empower you to navigate the real estate landscape with confidence and clarity. 

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