If you are new to the market, the thought of selling a home only to see it sold for a higher price months later, or being a buyer who could have bought for a lower price, can be daunting. But fear not, your trusted realtor is here to help!

To understand potential market shifts, consider the following factors:

• A Sharp Rise in Interest Rates.

• A Surge in Foreclosures.

• A Decline in Population Growth or Migration.

• A Burst of Speculative Bubbles.

Interest Rates:

Current rates are lower than historical averages and are expected to decrease further in 2024, ruling out reasons for a market decline.

Foreclosures:

“Typically, about 1% of mortgages are in foreclosure at any one point in time,” says Rick Sharga keep in mind lenders are not just lending to anyone! Lenders are being selective with applicants, maintaining strict lending practices.

Population Growth or Migration:

ONE WORD...Boomers The aging population, particularly baby boomers who are likely homeowners, may impact the market as they sell their homes! Remember there are 80 million baby boomers and 68% of adults 70 years and older are mortgage-free.

Not to mention they can afford higher down payments from there retirement funds, which can counteract some of the burden of higher mortgage interest rates.

A Burst of Speculative Bubbles:

While various industries experience turbulence, the housing market's stability relies on the principles of supply and demand. In a transactional market like real estate, the law of supply and demand dictates buyer-seller interactions, creating a dynamic environment.

In a sellers' market, buyers can still find their dream homes, and sellers can profit from their investments. Happy house hunting as spring arrive