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  • Writer's pictureBeth Campbell

What’s in Store for 2024?

In 1980 I purchased my first house! I was 5 years out of high school. My husband (at the time) and I had good jobs, had 20% down AND had high credit scores. Despite all of that, we were happy with an interest rate of 11.5%! That was GOOD back then! The housing market is coming out of the short timespan of 2.5% to 3.5% interest rates. Historically, interest rates for mortgages in the last 40 years have averaged anywhere from 5% to 8% and is considered “normal”.


These low interest rates have, in effect, constricted the market! Homeowners who purchased in the last three or four years find themselves with an interest rate they won’t or can’t give up. At a higher interest rate, they may not even qualify for the amount they borrowed initially.


Inventory also affects the housing market! Nationwide, inventory is historically low, as the building industry came to a virtual standstill during COVID. Without new construction, single-family existing home sales also came to an abrupt halt. Millions of new buyers come into the market looking for homes every year, and without an increase in available homes, a severe shortage is created.


So what does the future of homeownership look like? Well, I threw away my crystal ball in 2007, and rely solely upon market-comparable sales! The real estate market has always been cyclical at best! Your agent can certainly educate you on the local market, and what to expect, and use comparable sales to structure a well-educated price to either pay or sell your home for.


From experience, I can tell you that real estate transactions have increasingly become more complicated!  It has ballooned into multiple documents and necessary professionals including inspectors, underwriters,  loan officers, title companies, affiliated businesses, transaction assistants, legal and state agencies to deal with, federal forms and so much more. A real estate agent’s work STARTS once a contract is accepted!


I believe homeowners MAKE a community! We all want a place to call “home”, a place of peace, love, and tranquility, a place to raise our families or grow older in. Our communities need homeowners to grow,  thrive, and be successful. As real estate agents, we are doggedly committed to being your partner in successfully completing one of the biggest transactions you may ever experience. Our clients become friends. We laugh and cry with you along the way and become truly vested in your vision of what is best for your family.


Don’t get discouraged and don’t be afraid of the market! Somewhere out there is a home for you or a buyer for your home. But don’t do it alone! Have an agent work with you to get you to that next chapter and to be your “go-to” professional for many years to come, in all things “real estate”. It’s always a privilege and an honor to work for you! 


Published in Louisville Neighbors 01/2024

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