Starting out in 2024, mortgage interest rates finally took a dip to almost a full percentage point less than where they were as of October 2023 and as a result, we saw positive movement in the real estate industry!
Many real estate industry experts are predicting a robust level of activity throughout 2024. With mortgage interest rates being lower than those of 2023 and pent up demand for homes continuing to exist, there will still be a challenging market to navigate for buyers. In a recent article published by the National Association of Realtors, they quoted Sam Khater, Freddie Mac’s chief economist: “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential home buyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”
Specifically in Maryland, we are at a staggering housing shortage of approximately “96,000 housing units” according to this article quoting Jacob Day, the Maryland Department Housing and Community Development Secretary. Found in this article, Governor Wes Moore’s legislative package for 2024 will include “three bills that would attempt to expand available housing, attract federal funding to development initiatives, and enhance protections against eviction for renters.” For more info, this article presents the details on how Governor Wes Moore and Jacob Day plan to attack our housing crisis in Maryland.
Now more than ever, it’s important to rely on the expertise of any of our teammates to help navigate these market conditions. We are hyper focused on our ever changing market conditions and will happily guide you towards your goals of selling and/or buying a home in 2024!
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Stay with us for more regarding the real estate market, interior decorating, and more! Make sure to reach out with any questions! We would love to help you out with your next buying or listing process!
