The Housing Market Will Never Be The Same

"in 2024 the price growth is really expected to be pretty negligent maybe a couple percent of price growth in 2024 some neighborhoods are expected to actually drop in price but in general it's kind of expected to stay the same so home prices might not grow that much in 2024"

"and mortgage rates are kind of expected to stay around that 7% maybe the drop later in the year but we really don't know right now they're still at the 7% number"

"home prices may not be much different two years from now than they are today but your financial position is a whole lot better"

"now the hope is that maybe household incomes will grow from $76,000 to an estimated $80,000"

"the Federal Reserve Bank has said that they're still planning and hoping to start cutting interest rates in 2024 but we really don't know when that will happen"

"if mortgage rates go down to let's just say three or four or 5% what else is going to happen you have all these buyers who want to buy a home that is sitting on the sidelines that are going to say Oh you mean that it's going to cost me less money every month to own the half a million dollar home let me go and call up my realtor to see if we can make an offer as well"

"maybe let's bid $530,000 or $550,000 or $580,000 or $610,000 because if you remember a couple of years ago in morgage rates were low lots of people were bidding six figures over asking price for homes"

"this is why the Federal Reserve Bank is trying to juggle this and that's why they keep saying that they're expecting unemployment to rise in 2024"