HOW TO PROFIT FROM THE 2024 REAL ESTATE MARKET

I’m not sure if you’re planning on selling your home or buying a new one this year, however, I thought that this information may be helpful to you, since it will be impactful, either way.  Home prices are expected to rise, in 2024, however, at a slower pace compared to previous years. Industry experts believe that home prices will rise 4% in 2024, although I think we may see higher appreciation than that, because of several factors. 

For one, inventory levels are likely to remain below buyer demand, again this year, although they should be at higher levels than in 2023, with basic supply shortages in favor of sellers. Secondly, the Feds recently changed course 180 degrees, in December, and the expectation now is that interest rates will likely DECREASE significantly compared to the multiple rate hikes that we saw last year. I expect we will see rates in the mid-5% range in the coming months. Buyers will have more financial flexibility to purchase homes at higher prices and this will generate more housing demand. Sellers will also be in a much better position, this year, to list their homes and find replacement properties, because, during these past years, the inventory has been far short of the demand. For sellers that had locked in a rate in the 3% range, a few years ago, it did not make sense to sell their current home, and then buy their next home in a 7% rate environment. In other words, the incentive to move up was simply not there, which is certainly understandable. The third piece of good news is that FHA just increased their maximum loan amount for San Diego County, to $1,006,000. This is a HUGE benefit based on local home prices coupled with the fact that buyers only need to put 3.5% down and MANY more buyers will now qualify to purchase a home! If you would like to know what’s happening in your local area with pricing, demand, and inventory, please reach out to my team and I so we can help assist and guide you through this ever-changing market. 

Also, if you are considering a move this year, there are 3 specific FREE Services that we can provide you with. For one, we offer a complimentary ‘Pre-Market Consultation’ where I personally stop by for 15 minutes, and you give me a brief tour of your home and show me any home improvements that you are considering making, and I can tell you if the improvement is worthwhile based on the return on your investment. In other words, with some home improvements, you spend a dollar, and you get your dollar back, so they may not be worth doing. I can share with you the very best home improvements, where for every dollar you spend, you will very likely see a return of three to ten times the cost. For any improvements that you may decide to make, I have great referrals to handymen, plumbers, painters, etc., from the vendor list that we keep on hand for our clients. Additionally, I can help time your move to derive the very best outcome for you. For example, if you’re moving up, and the new home will cost significantly more than your current home, it may make the most sense to put your home on the market sooner, rather than later, because if each home increases by let’s say, just 5%, the more expensive home will have a greater disparity and will ultimately cost you more. 

Conversely, let’s say that you are downsizing and moving into a smaller, less expensive home, than the best option may be to hold off for a number of months, until your home value increases a bit, and then sell, since the smaller home will cost you less, so that way you net significantly MORE Money, from your home sale. 

There is no cost whatsoever for any of these complimentary services. I am happy to be a resource for you and share with you the knowledge and expertise that I have derived over the past 4 decades and from over 2,200 successful home sales, in an effort to get the very best outcome for you and your family.  Feel free to reach out to my team and I at 858-336-1114 or you can email me at [email protected]. You can also check out our customer reviews at the link below:  https://www.donpelletier.com/testimonials