Greetings and welcome to 2024! We know that many of you have questions about what to expect from the real estate market this coming year, so we wanted to give you a brief overview of what we think you can expect. 

To start, interest rates have come back down considerably and are likely to come down a bit more. We are currently seeing 30-year mortgages in the range of 6.5% although this varies depending on credit scores, amount borrowed, and other factors. These rates should be considered normal and rates in the range of 3% are not likely to be seen again. More attractive interest rates will generally lead to more activity in the market for both buyers and sellers.

Many sellers have been sitting on the sidelines waiting for buying conditions to improve and are likely to see that opportunity this year. We are also at the beginning of what is being called a "Silver Tsunami"; baby boomers moving out of their long-term homes into smaller homes, condos, and retirement communities. These factors will likely lead to an increase in listing and sales activity.

The inventory constraints will still be with us this year and probably will be for some time yet. Simple supply and demand dynamics suggest that prices are likely to continue to rise although more modestly than we have seen over the last several years.

And finally, it's a presidential election year! We won't get into politics at all here. But election years do cause markets to behave differently. People will often think "what if" this and "what if" that. What Rives believes, based on having been through 9 presidential elections in his career, is that the market will continue to move. People will still need places to live, people will still want or need to move, and new buyers will still come into the market.

If you or someone you know are considering buying, selling, renovating, or any other real estate activities this year please give us a call at (434) 214-6121. We would love to hear from you and offer any assistance we can.