Tis the Season!  Buying & Selling Season that is…!

Typically speaking; Realtors & Lenders calendars fill up as we enter the Spring / Summer season.  Is this annual trend going to hold true for 2024?  I’m sure my Realtor & Lender friends hope it will.  What will affect this trend holding true?  Inventory & Interest rates typically.  Inventory is and has been low which has driven values up over the past few years. 

When interest rates rose after the boom of 2000-2022; sales dipped.  Now homeowners have an interest rate @ 2-4% that they want to hold on to which effects inventory.  I believe there are many buyers & sellers on the sidelines waiting to see what happens with interest rates as we move into the 2024 season.  A dip in rates will energize the market!  But, are rates going to drop; does anyone know for sure?  Let’s get some expert advice for perspective.

Experts discuss real estate trends for 2024: Will it be a buyers’ or sellers’ market?

But what will the upcoming New Year look like? Will it be a buyers’ market or a sellers’ market?  

Experts say it could be a mixed bag. 

“If you’re thinking about selling your home, this is absolutely the time to do it,” said Mike Mclean, licensed real estate agent at Signature Premier Properties.  

Mclean thinks now, and most of 2024, will still be a sellers’ market, despite mortgage interest rates still higher than most would like. 

“The buzz that we have been hearing for the last several years is going to continue,” Mclean said.  

According to the National Association of Realtors, home prices are still costly due to lack of inventory. It’s keeping the market hot.  

Many homeowners refinanced when interest rates were historically low, and don’t want to sell.  

“A lot of people are on the fence right now,” Mclean said. “I think a big part of that is because, once you sell, where am I going to go?”

While it may take a while, once new homes do go on the market, it could start to even out the demand. 

Experts predict once interest rates start to level out or even drop significantly, which could happen at the end of 2024, demand will skyrocket again.  

“It’s going to be very hard to predict when that rubber band or that sling shot snaps, but it’s going to, and I predict it will happen in 2024,” said Jason T. Reddish, CEO of Total Merchant Resources.

Associated Bank is working with our Buyers to offer lower rates and offer closing cost credits to more buyers through incentive programs.  Associated also works with Numerous Down Payment assistance programs including PATH.  PATH is a $5k grant now offered in all counties in Wisconsin.  The only qualification factor is AMI (Area Median Income) per county.  For example:  Associated offers this $5k grant that can be used towards down payment funds or closing costs for any applicant as an individual or joint application that makes less than $93680 in Dane county.  All Wisconsin Counties qualify and have their own AMI limits. 

Jason “Smitty” Smith, AVP
Residential Loan Officer | Residential Lending

Office: 608-259-3774 | Fax: 608-833-9159 | Cell: 608-576-7067

7722 Mineral Point Rd.  |  Madison, WI 53717

750 Viking Dr.  |  Reedsburg, WI 53959

102 N. Main St.  |  Lodi, WI 53555

222 E Wisconsin St |  Portage, WI 53901

2420 Allen Blvd |  Middleton, WI 53562

269 S. Century Ave |  Waunakee, WI 53597

Jason.Smith@AssociatedBank.com

NMLS ID: 762823

Apply Online: https://www.associatedbank.com/jsmith

* The Leading Lender in the Midwest designation is based on originated, closed-end mortgage loan count, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the Consumer Financial Protection Bureau Mortgage Database (HMDA), July 2021.