HUNTSVILLE – Residents across the region looking to buy a house in the coming year might still have to pay interest rates around 7%, but there’s positive news. Projections have rates going lower as will housing prices in 2024. Also, a two-year trend toward more availability is expected to continue.
According to the Huntsville Area Association of Realtors and valleyMLS.com, the average amount of time houses have spent on the market doubled from 16 days in 2022 to 33 in November.
With homes staying on the market for a month on average, HAAR says potential buyers and sellers have more negotiation power during the transaction process.
“According to (the National Association of Realtors), in 2023, 87 percent of home-sellers said they would use their realtor for future, and 89 percent of buyers purchased their home through a realtor or broker,” HAAR President Chris Hulser-Hoover said. “As we look ahead to the 2024 housing market, interest rates are projected to decrease by 0.1 percent, and home prices are predicted to decrease by two percent according to a study done by realtor.com.”
NAR economist Lawrence Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500.
“The demand for housing will recover from falling mortgage rates and rising income,” Hulser-Hoover said. “Housing inventory is expected to rise by around 30 percent nationally as more sellers begin to list after delaying selling over the past two years.”
Hulser-Hoover advises home seekers and sellers to use Realtors, many of whom he told 256 Today are “hardworking” but make less than $60,000 annually.
“We help buyers and sellers navigate a maze of forms and complex paperwork; coordinate with lenders, inspectors, other agents, escrow companies, title companies, appraisers, and other professionals; and ensure that our clients’ interests are represented in pricing, negotiation and closing,” he said. “We also help clients interpret the information they find online or elsewhere.”
The valleymls.com coverage area comprises nine counties in North Alabama: Madison, Morgan, Lawrence, Limestone, Dekalb, Etowah, Cherokee, Jackson, & Marshall counties. HAAR claims its top priority is ensuring all Madison County residents can attain the dream of owning a home.
HAAR and valleymls.com’s statistics are the most up-to-date and quantifiable snapshot of the state of the residential real estate market – the preeminent economic sector as the region prepares for sizable population growth.
Heading into the 2024 housing market, Hulsey-Hoover suggests buyers and sellers check valleymls.com for the most up-to-date listings and comprehensive data encompassing the nine counties it represents.
“Consult a Realtor before starting the home-search process,” he said. “Realtors guide homebuyers through every step of the process, up to the transaction, from contract to closing, providing crucial council to what is likely the most significant.”
For more on November statistics, visit https://haar.realtor/nov23/.
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