What Lies ahead in Buying or Selling?

Real Estate

If you're anything like me, you no doubt want to know what is expected in the 2024 housing market here in the Diablo, San Ramon, Tri-Valleys, and throughout the Eastbay areas. Let's kick off what the experts are predicting for this year's real estate trends and unleash this curiosity! ✨✨

Reflecting on the challenges of the past year, we had higher mortgage rates, confusion over home prices, and limited inventory, to name a few. From what I understand, the experts bring good news of optimism and positive changes for 2024.

What is going on with the Market?

Mortgage Rates - the gorilla in the room. The news sounds positive! According to the experts, mortgage rates are on track to ease, and rates will continue to decrease throughout the year. As a result, buyers should have more choices. Danielle George Ratiu, Senior Economist at Realtor.com, stated, "The dynamics in 2024 are poised to bring about a shift in housing supply. Changing family needs and evolving financial considerations are expected to encourage more homeowners to list their properties, contributing to a loosening of the supply".

Home Prices are another key factor that often looms over the real estate buyer's head. There is some encouraging news from Zillow – The platform is projecting a moderate increase of approximately 2.1% from September 2023 to September 2024.💰

In the Eastbay, we expect to see more stable home prices, a slower sales pace, and an overall improved inventory. Granted, our market can be somewhat challenging, but with the Tessellation real estate team by your side and a well-prepared approach, savvy buyers and sellers can still find good opportunities in this ever-evolving housing market.

What are the Today's Trends?

If you're anything like me when it comes to real estate, you might be curious about the possibilities that lie ahead in 2024. While we can't predict with absolute certainty, let's explore some potential trends that experts believe could shape the San Ramon Valley and Tri-Valley real estate market.

Continued Demand for Housing - It's no secret that the San Ramon Valley and Tri-Valley areas are highly desirable places to live. With a good economy number in the last few months, beautiful landscapes, and great schools, it's easy to see why so many people want to call these areas home. As we look forward to 2024, this trend is likely to continue, meaning that buying a home in these areas may still be a competitive and challenging process but at a slower pace.

Impact of Generational Shifts - As millennials and Gen Z become the largest groups of homebuyers, we may see a shift in demand for different types of homes. These younger generations tend to prioritize amenities like walkability, access to public transportation, and proximity to entertainment and cultural activities, as well as traditional needs, which include top schools. This could potentially lead to a surge in demand for townhouses, condos, and homes closer to city centers. Additionally, with an increase in remote work opportunities, more buyers may be looking for homes with dedicated office spaces.

Evolving Technology - Technology continues to play a significant role in the real estate industry, and this trend is expected to continue into 2024. As virtual tours and online property listings continue to gain popularity, it's becoming easier for buyers to view and compare properties remotely. This can save time and make the home-buying process more convenient for busy professionals. As a buyer or seller, rest assured that we, Tessellation Real Estate, is equipped with the latest, most updated tools for you. We're here to provide you with the information you need to make informed decisions and successfully navigate the real estate market. Our goal is to provide you with excellent real estate services, ensuring that you have the knowledge and tools necessary to make the right choices.

Do you know your Non-Negotiables?

When it comes to buying or selling a home, it's crucial to determine your non-negotiables. These are the must-haves that you simply cannot compromise on, no matter what. As we look ahead to 2024, it's essential to consider how these non-negotiables may shift or evolve.

For buyers, this could mean looking for homes with dedicated home offices or other features that cater to remote work. For sellers, it may mean upgrading key amenities like outdoor living spaces or smart home technology to appeal to a tech-savvy market. It's also important for both buyers and sellers to keep an open mind and adapt to any changes in the market or their personal needs.

Are you ready?

In the Eastbay, we expect to see more stable home prices, a slower sales pace, and an overall improved inventory. Granted, our market can be somewhat challenging, but with the Tessellation real estate team by your side and a well-prepared approach, savvy buyers and sellers can still find good opportunities in this ever-evolving housing market. Speaking from personal experience, navigating the real estate market requires a guiding hand and a team that understands the nuances of our local market. If you're considering making a move in 2024, trust me and Tessellation Real Estate to guide you through every step of the process and help you achieve your real estate dreams.

_Sources

_{2024 Real Estate Forecast: What to Expect}

_{Alternative Homeownership Models: A Solution to Rising Costs}

_{The Future of Home Buying: 5 Trends to Watch Out For in 2024}

_Disclaimer

_{The information provided in this blog post is for general informational purposes only and should not be construed as professional or legal advice. Please consult a licensed real estate agent for specific guidance related to buying or selling a home in San Ramon Valley and Tri-Valley.}

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