In 2024 the Walldorfs will have some great new homes coming on the market that we are excited to sell in North Chattanooga, in Riverview, and on Lookout Mountain.
2024 will be the year of lower interest rates. The 8% interest rate in October/November is behind us. In 2024, we should have rates between 6.5% to 6%.
Home buyers and sellers will enter the market with more force this year. As rates go down, home sellers will be more interested in selling and home buyers will be more interested in buying, It will be more affordable for both buyers and sellers to buy homes. For sellers, they could use their equity in the home they are selling to buy down the purchase price of a new home and be OK with buying a new home.
There will be more competition for homes this year. There is pent up demand that will be unleashed as interest rates go down. The inventory of homes for sale is still tight, so that will make it competitive to buy a home.
Make your offer quickly. Many people are still waiting for the right home, so make your offers quickly. If you delay an offer, you may end up competing with other offers and paying more money.
Home buyer concessions? The jury is still out on whether sellers will give any concessions to home buyers in 2024. If more inventory hits the market, you may be able to get some concessions. If not, you have to take what you can get.
If you are investing in real estate, longer term holds make the most sense unless you can "buy right."Buying right means buying where the numbers work if you remodel a home to resell it. You have to make sure there is profit left over after the remodel costs.
Want to invest in real estate? Ask Nathan to help you as he and his wife have been investing in real estate for 12 years.
Want to buy or sell? Call the Walldorfs. 423-544-7700