Hello September! 🍁 Ready to dive into the real estate market this month? Whether you’re buying or selling, here’s what the best realtors in Commerce Township, MI recommend that you need to know for September 2024:
🏡 Buyer’s Market vs. Seller’s Market: The national real estate scene is a mix. The NAR forecasts a 13.5% increase in existing-home sales, signaling a lively market.
📉 Interest Rates: Good news! Interest rates, after peaking, are expected to decrease throughout 2024, thanks to projected Fed rate cuts. This should make borrowing more affordable, although rates will still be higher than the historic lows of 2020 and 2021.
🏷️ Home Prices: Expect stabilization with modest increases. Nationally, median home prices are forecasted to rise slightly by 2.6%. This is encouraging for buyers who’ve been facing high prices, though affordability remains a concern.
🔍 For Buyers: Lower mortgage rates and stable home prices make the second half of 2024 a promising time to buy. However, affordability challenges persist. Stay informed, act quickly on desirable properties, and consider financial tools and assistance programs to boost your buying power.
💼 For Sellers: Strong demand continues, especially in high-growth areas. Be aware of increased competition from new builds and price your home competitively. Understanding regional dynamics and working with an experienced agent is key to success.
