Real Estate Market Trends: What to Watch for in 2024 with Tom Townsend

In this episode of A Wiser Retirement™ podcast, Casey Smith is joined by Tom Townsend, Realtor with Townsend Realty Group. Tom has been a guest on our podcast many times. They talk about real estate market trends, what to watch for in 2024, interest rates, rental properties, and tips for first-time home buyers.

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Over the past two years, the market has shifted and people are no longer buying new homes as quickly or easily as they used to. The process of buying a new home, including selling an existing property, has become more challenging and less frequent. Inventory has become extremely low across all real estate segments, with some areas having less inventory than others. Inventory shortages have led to high property values.

One 2024 trend is the return of incentives for new construction, including bonuses for agents and incentives for buyers, to encourage sales. Tom discusses the concept of “ghost inventory,” which refers to new homes that are being built but not yet on the market. The statistics for ghost inventory are hard to come by, as the data is often looking backward, but new building permits can provide some indication of the amount of new construction being done.

The affordability of rental properties is often a concern for buyers, and the rental yield is lower than historical averages. It is important to consider capitalization rates and the internal rate of return when making investment decisions in today’s market. Although property values may increase over time, it is important to keep in mind that some buyers may also face capital gains taxes when selling their properties.

Looking ahead to 2024, Tom expects the market to stay similar to what it is now, with no major changes across the board. However, continued pressure on interest rates and low inventory could impact the market. He advises potential buyers to go ahead and buy their dream home, and then when interest rates finally drop again to consider refinancing.

Click here to download our eBook on “Buyer Beware: Why do they keep trying to sell you that annuity?”



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