Charlie Gehrke - Realtor

Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC]

Wondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. Home prices are expected to climb moderately. Mortgage rates are forecast to come down slightly. And, home sales are projected to hold steady. If you have questions about what to expect for the rest of the year, DM me so we can have a conversation about what it means for you and your plans.

Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC] Wondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. 

The Difference Between an Inspection and an Appraisal

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction.

And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you.

Home Appraisal

While the inspection tells you about the current state of the house, an...

The Difference Between an Inspection and an Appraisal When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with.

Focus on Time in the Market, Not Timing the Market

Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered.

If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market.

The Downside of Trying To Time the Market

Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen.

The Advice You Need To Hear If You’re Ready and Able To Buy Now

Right now, you may be focused on what’s happening with...

Focus on Time in the Market, Not Timing the Market Should you buy a home now or should you wait?

How Long Will It Take To Sell My House?

You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.

They have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers.

The Growing Supply of Homes for Sale

Over the past few months, the number of homes for sale has increased. This is good news when you move because it means you’ll have more options as you search for your next home. But it also means buyers have more to choose from, so if your house doesn’t stand out – it may take a bit longer to sell.

How It’s Impacting Listings Today

Think of the homes on the market like loaves of bread for sale in a bakery. When a fresh batch of bread is put out, everyone wants the newest and hottest one. But if a loaf sits there too long, it...

How Long Will It Take To Sell My House? You want your house to sell fast. And you may be wondering how long the whole process is going to take. 

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

The reason for continued appreciation? The supply of homes for sale.

While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.

If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

Mortgage Rates Are Forecast To...

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024 As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

The Downsides of Selling Your House Without an Agent

Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own. You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more. Don’t take all of this responsibility on. Instead, DM me so you have someone with the knowledge and experience you’ll need on your side.

The Downsides of Selling Your House Without an Agent Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own.

Why a Vacation Home Is the Ultimate Summer Upgrade

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below):

• Vacation destination or a place to get away from the stresses of everyday life (81%)

• Better weather (49%)

• Rental income (41%)

• Primary residence in the future (33%)

• Having a venue for gatherings with family and friends (25%)
Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:

• Buy with loved ones or friends: If you’re...

Why a Vacation Home Is the Ultimate Summer Upgrade Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season.

What You Need To Know About Today’s Down Payment Programs

There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start.

A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list:

53% said they need help understanding homebuying grant programs.

So, here’s some information that can help you close that gap.

What Is Down Payment Assistance?

Contrary to what you may have heard, typically you don’t have to put 20% down unless it’s specified by your loan type or lender. So, you likely don’t need...

What You Need To Know About Today’s Down Payment Programs There's no denying it's gotten more challenging to buy a home, especially with today's mortgage rates and home price appreciation.

Worried About Mortgage Rates? Control the Controllables

Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.

The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.

That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables.

And when it comes to rates, here’s what you can influence to make your moving plans a reality.

Your Credit Score

Credit scores can play a big role in your mortgage rate...

Worried About Mortgage Rates? Control the Controllables Chances are you’re hearing a lot about mortgage rates right now.

Do Elections Impact the Housing Market?

The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.

Home Sales

During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains: “Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.”

Home Prices

What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it: “An election year doesn’t alter the price trend that is already happening in the market.”

Mortgage Rates

Mortgage rates are important because they...

Do Elections Impact the Housing Market? The 2024 Presidential election is just months away.