While this year saw a softening in home sales, the tide is set to turn with the potential dip in mortgage rates.

According to Lawrence Yun, chief economist at NAR, retreating mortgage rates could bring a surge of buyers and sellers to the market, revitalizing the real estate landscape. Yun predicts a substantial 15 percent increase in home sales next year, signaling a positive shift in the housing market.

Chen Zhao, leading the economics team at Redfin, shares optimism about the potential rise in sales, acknowledging that lower mortgage rates would play a pivotal role. However, she notes a measured expectation, stating that while sales are anticipated to increase, it might not be a dramatic surge, especially if rates remain above 6 percent.

Selma Hepp, chief economist at CoreLogic, echoes the sentiment, emphasizing that lower mortgage rates could boost home sales activity in 2024 compared to the previous year. This optimistic outlook suggests increased transactions and a potential influx of inventory, providing more opportunities for buyers and sellers alike.

Ready to ride the wave of change in the real estate market? Whether you’re looking to buy, sell, or invest, let’s navigate this dynamic landscape together! Drop a comment or send me a message to discuss your real estate goals for the upcoming year.