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Experts Project Home Prices Will Increase in 2024

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<a title="Brenda Cahoon's Interview with Boston Agent Magazine" href="https://bostonagentmagazine.com/2019/11/25/agent-snapshot-brenda-cahoon-realtor-exit-premier-real-estate/">https://bostonagentmagazine.com/2019/11/25/agent-snapshot-brenda-cahoon-realtor-exit-premier-real-estate/</a>

https://bostonagentmagazine.com/2019/11/25/agent-snapshot-brenda-cahoon-realtor-exit-premier-real-estate/

Read about what Brenda Cahoon has to say about the Real Estate Market

Agent Snapshot: Brenda Cahoon, Realtor, EXIT Premier Real Estate

Ways to make your home More Energy Efficient

<h3>More Homes, Slower Price Growth &ndash; What It Means for You as a Buyer</h3>
 <img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241112/20241113-More-Homes-Slower-Price-Growth-What-It-Means-for-You-as-a-Buyer-original.png" width="600" /> 
There are more homes on the market right now than there have been in years &ndash; and that could be a game changer for you if you&rsquo;re ready to buy. Let&rsquo;s look at two reasons why.
<h4>You Have More Options To Choose From</h4>
An <a href="https://www.realtor.com/research/october-2024-data/" target="_blank" rel="noopener noreferrer">article</a> from Realtor.com helps explain just how much the number of homes for sale has gone up this year:
<blockquote>&ldquo;There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.&rdquo;</blockquote>
And while the number of homes on the market still isn&rsquo;t quite back to where it was in the years leading up to the pandemic, this is definitely an <a href="https://www.realtor.com/research/data/" target="_blank" rel="noopener noreferrer">improvement</a> (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241112/20241113-The-Number-of-Homes-for-Sale-Is-on-the-Rise-original.png" target="_blank" rel="noopener noreferrer"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241112/20241113-The-Number-of-Homes-for-Sale-Is-on-the-Rise-original.png" alt="a graph of a number of homes" /></a>With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, <a href="https://themortgagereports.com/115086/first-time-home-buyer-advice-q4-2024" target="_blank" rel="noopener noreferrer">explains</a>:
<blockquote>&ldquo;Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .&rdquo;</blockquote>
That means you have a better chance of finding a house that meets your needs. It also means the <a href="https://www.simplifyingthemarket.com/en/2024/10/25/debunking-scary-myths-about-buying-a-home/?a=130049-b1a6742db39360a3b3f5ff1a66f1f174" target="_blank" rel="noopener noreferrer">buying process</a> doesn&rsquo;t have to feel quite as rushed, because more options on the market means you&rsquo;ll likely face less competition from other buyers.
<h4>Home Price Growth Is Slowing</h4>
When there aren&rsquo;t many homes for sale, buyers have to compete more fiercely for the ones that are available. That&rsquo;s what happened a few years ago, and it&rsquo;s what drove prices up so quickly.
But now, the increasing number of homes on the market is causing home price growth to <a href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20-city-composite-home-price-nsa-index/#news-research" target="_blank" rel="noopener noreferrer">slow down</a> (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241112/20241113-Home-Price-Growth-Is-Moderating-original.png" target="_blank" rel="noopener noreferrer"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241112/20241113-Home-Price-Growth-Is-Moderating-original.png" alt="a graph of green and blue lines" /></a>In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, <a href="https://www.resiclubanalytics.com/p/the-key-housing-market-metric-heading-into-2025" target="_blank" rel="noopener noreferrer">explains</a>:
<blockquote>&ldquo;Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.&rdquo;</blockquote>
Slower or stalled price growth could give you a better chance of <a href="https://www.simplifyingthemarket.com/en/2024/10/17/why-did-more-people-decide-to-sell-their-homes-recently/?a=130049-b1a6742db39360a3b3f5ff1a66f1f174" target="_blank" rel="noopener noreferrer">finding something</a> within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), <a href="https://www.fhfa.gov/sites/default/files/2024-09/FHFA-HPI-Monthly_09242024.pdf" target="_blank" rel="noopener noreferrer">says</a>:
<blockquote>&ldquo;For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.&rdquo;</blockquote>
But remember, inventory levels and home prices are going to vary by market.
So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.
<h3>Bottom Line</h3>
<a href="https://www.simplifyingthemarket.com/en/2024/10/14/why-a-condo-could-be-your-perfect-first-home/?a=130049-b1a6742db39360a3b3f5ff1a66f1f174" target="_blank" rel="noopener noreferrer">More housing options</a> &ndash; and the slower home price growth they bring &ndash; can help you find and buy a home that works for your lifestyle and budget. So don&rsquo;t hesitate to <a href="https://www.simplifyingthemarket.com/en/2024/10/31/how-real-estate-agents-take-the-fear-out-of-moving/?a=130049-b1a6742db39360a3b3f5ff1a66f1f174" target="_blank" rel="noopener noreferrer">reach out</a> if you want to talk about the growing number of choices you have right now.

More Homes, Slower Price Growth – What It Means for You as a Buyer There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two