As summer winds down and we prepare for fall and winter, many people are wondering what the real estate market will look like for the rest of 2024. While no one can predict the future with absolute certainty, expert forecasts provide valuable insights into what we might expect in the coming months. If you're considering buying or selling a home in the Dallas-Fort Worth (DFW) Metroplex, understanding these trends can help you make informed decisions.
Mortgage Rates Are Expected to Fall
One of the most significant factors influencing the real estate market is mortgage interest rates. According to Danielle Hale, Chief Economist at realtor.com, economic indicators such as rising unemployment rates suggest that the Federal Reserve may cut interest rates this fall. While the Fed's decisions don’t directly control mortgage rates, there is often a correlation between the two. As such, Hale predicts that mortgage rates will likely decrease as we head into the latter part of 2024.
For buyers in Southlake, Fort Worth, Keller, Haslet, and surrounding areas, lower mortgage rates could mean more affordable monthly payments, making homeownership more accessible. For sellers, this could translate into increased buyer interest, as more potential homeowners can enter the market.
Home Prices Will Remain High
Despite some fluctuations, home prices have remained high throughout the first half of 2024, and this trend is expected to continue. Realtor.com’s economic team forecasts that home prices will increase by approximately 4.6 percent by the end of the year.
For those looking to buy in the DFW Metroplex, this means that the sooner you enter the market, the better. Waiting could result in paying more for a home as prices continue to rise. For sellers, this ongoing price appreciation offers the potential for a strong return on investment, especially if you’ve owned your home for several years.
More Sellers Will Enter the Market
One of the challenges the real estate market faced over the past few years was a significant inventory shortage. Many homeowners who locked in low-interest rates during the pandemic were hesitant to sell and take on a new mortgage at higher rates, leading to a scarcity of homes for sale. However, this seems to be changing.
According to data from realtor.com, the available home inventory increased by 35 percent year-over-year during the first half of 2024. This trend is expected to continue, especially if mortgage rates fall as predicted. As more homeowners decide to sell, buyers will have more options to choose from, potentially easing some of the competition in the market.
For sellers in the DFW Metroplex, this means you may face more competition as inventory grows. Pricing your home competitively and ensuring it stands out with professional staging and marketing will be key to attracting buyers.
What This Means for Buyers and Sellers in the DFW Metroplex
If you’re considering buying or selling a home in DFW, these predictions offer some valuable guidance:
For Buyers: With mortgage rates expected to fall, the latter half of 2024 could present an excellent opportunity to purchase a home. However, with home prices continuing to rise, acting sooner rather than later could save you money in the long run.
For Sellers: The increase in home prices and growing inventory means you have the potential for a profitable sale. However, as more homes come onto the market, it’s crucial to work with a real estate expert to ensure your home is priced right and marketed effectively.
Bottom Line
The rest of 2024 is shaping up to be an interesting time in the real estate market. With mortgage rates likely to decrease, home prices remaining strong, and more sellers entering the market, there are opportunities for both buyers and sellers in the Metroplex.
If you’re ready to explore your options or need expert advice on navigating these trends, let’s connect. I’m here to help you make the most of the current market conditions and elevate your home buying or selling experience. Crystal Zschirnt 4wheeltor Southlake Westlake Keller Fort Worth Haslet Trophy Club Roanoke Justin Northlake Flower Mound Argyle Real Estate New Home Selling Home Buyer Best Agent Realtor House
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