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Predicting the 2024 market is no simple task, but we're taking a shot at it.

Let's first explore what Americans believe will happen. A whopping 79 percent expect mortgage rates to rise, and 44 percent anticipate a housing crash, with 52 percent of them being millennials. Strangely, 35 percent actually wish for a housing market crash, as they believe it's the only way to afford a home.

Now, our predictions differ significantly. We anticipate that mortgage rates have peaked or are close, likely to decrease by mid-2024 to around six percent after the Fed cuts rates. The second prediction involves increased housing inventory due to higher accepted mortgage rates. In the Triangle and nearby areas, we foresee a shift in this direction.

Thirdly, home prices are likely to rise, contrary to some popular predictions. We expect price escalations and multiple offer situations in the third and fourth quarter, akin to 2021. Unfortunately, we also predict a recession around the fourth quarter of 2024, following historical trends post-rapid rate hikes. The stock market might trend downward in 2024, especially during the election year, stabilizing in mid-2025.

While our predictions don't align with consumer expectations, we're eager to see how the next 12 to 24 months unfold. Remember, these are opinions based on data, not gospel. If you're considering buying or selling in 2024, keep an eye on increasing prices and lowered interest rates. Consider buying today at a lower price point and refinancing later. For more insights or assistance navigating the real estate market, reach out to us. We're here to help! ๐Ÿก๐Ÿ“ˆ๐Ÿ’ผ

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๐Ÿ”ปCONTACT INFO๐Ÿ”ป
Chris Gorman Owner/Broker License #-277810
7751 Brier Creek Pkwy. St 100, Raleigh NC 27617
919-670-3005
chris@gormanresidential.com
https://www.gormanresidential.com
https://linktr.ee/GormanResidential

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