Unlocking Homebuyer Opportunities in 2024 | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert

There’s no arguing this past year has been difficult for homebuyers. If you started searching for a home but paused due to the challenges, you’re not alone. A Bright MLS study found some top reasons buyers paused their search in late 2023 and early 2024 were: inability to find anything in their price range, unsuccessful offers, and difficulty competing, or not finding the right home. If any of these sound familiar, here’s what you need to know: the housing market is transitioning in the second half of 2024, presenting new opportunities. Here are four reasons why this may be your chance to jump back in.

1. The Supply of Homes for Sale Is Growing

One significant shift this year is the increased months’ supply of homes for sale. Data from the National Association of Realtors (NAR) shows how inventory has grown throughout 2024. This increase means you have a better chance of finding a home that suits your needs and preferences, a big relief if the lack of suitable options made you pause your search.

2. There’s More New Home Construction

Builders are increasing the supply of newly built homes, focusing on smaller, more affordable options. According to data from the Census and NAR, one in three homes on the market is a newly built home. This helps address the housing undersupply issue and offsets some affordability challenges. Consider looking at newly built homes; some builders are offering incentives like buying down mortgage rates to fit your budget.

3. Less Buyer Competition

With mortgage rates hovering around 7%, buyer demand isn’t as fierce. Combined with increased housing supply, this means you have a better chance of avoiding intense bidding wars. Danielle Hale, Chief Economist at Realtor.com, highlights the positive trend for the latter half of 2024, saying it could be less competitive seasonally. This unique opportunity allows you to find a home with less stress and potentially better pricing.

4. Home Prices Are Moderating

Home prices are showing signs of moderation, a welcome shift after rapid appreciation in recent years. This is due to growing supply and easing demand. The average forecast for home price appreciation in 2024 is for positive growth around 3% to 5%, more in line with historical norms. This moderation means you’re less likely to face steep price increases.

The Opportunity in Front of You

If you’re ready and able to buy, the second half of 2024 may be easier to navigate. Some of the biggest hurdles you’ve faced are improving. If you choose to wait, you risk more buyers recognizing the market shift, increasing competition. If mortgage rates come down as forecasted, more buyers will flood back into the market. Making a move now helps you take advantage of current conditions and get ahead of other buyers.

Bottom Line

If you’ve put your dream of homeownership on hold, the second half of 2024 may be your chance to jump back in. Let’s connect to talk more about the opportunities you have in today’s market in Los Angeles and Beverly Hills, CA.

Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value