As I sat down with Mark Gallagher, an experienced real estate analyst with over two decades in the industry, I was keen to delve into his predictions for the housing market in 2024. With the market having experienced a rollercoaster of trends over the past few years, homeowners and potential buyers alike are eager to understand what the future holds. With a relaxed yet professional demeanour, Mark shared his insights, aiming to provide clarity for those navigating the often tumultuous waters of real estate.
Fair Pricing Strategies
One of the first topics we touched on was the importance of pricing homes fairly in the current market. Mark emphasized that sellers need to be realistic with their asking prices. “It’s easy to get emotionally attached to your home and overestimate its value,” he noted. “A good agent will help you price it fairly, taking into account current market conditions and comparable sales in the area.”
He highlighted that while inventory remains relatively low, overpricing a home can still deter potential buyers. “Even in a seller’s market, buyers are savvier than ever. They have access to a wealth of information and won’t overpay for a property.”
Foreclosures in 2024
The conversation then shifted to a topic on many minds: foreclosures. Will there be a significant increase in 2024? According to Mark, while foreclosures are expected to rise, it won’t be a repeat of the Great Recession.
“Foreclosures were up 10% in 2023 compared to the previous year,” Mark explained. “But it’s important to put that into perspective. Even with that increase, we’re still seeing numbers far below the peak levels of 2010.” He pointed out that many homeowners today have positive equity, which allows them to sell their homes and avoid foreclosure.
“Homeowners shouldn’t be overly concerned about their property values dropping due to a flood of foreclosures,” he reassured. “The market isn’t going to be overwhelmed with repossessed properties.”
Impact on Home Values
Mark also addressed how the potential rise in foreclosures could affect home values. “Since we’re not expecting a massive influx of foreclosures, home values should remain relatively stable,” he said. “In fact, with the limited inventory we’re seeing, home prices are more likely to rise than fall.”
He noted that buyer demand remains strong, even with the higher interest rates. “People still need homes, and as long as the demand outpaces supply, prices will hold steady or even increase.”
Advice for Home Buyers
For those looking to buy a home in 2024, Mark had some practical advice. “Don’t wait for a market crash or a foreclosure deal that might never come,” he cautioned. “If you’re financially ready, now is as good a time as any to buy. Interest rates are starting to decrease, which will make mortgages more affordable.”
He also stressed the importance of being prepared. “Make sure you’re debt-free, have an emergency fund, and can afford a down payment and closing costs. Buying a home is a significant financial commitment, and you want to ensure you’re in the best possible position to take it on.”
Conclusion
As we wrapped up our conversation, it was clear that Mark’s insights were rooted in a deep understanding of the market and a commitment to helping people make informed decisions. Whether you’re looking to buy or sell in 2024, his advice boils down to being realistic, prepared, and informed.
The housing market may be unpredictable, but with experts like Mark Gallagher providing guidance, navigating it becomes a lot less daunting. As we look ahead to 2024, it’s reassuring to know that while challenges may lie ahead, opportunities abound for those who are ready to seize them.
George Blackwood
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