How National Expert’s Housing Market Predictions May Impact Selling Your St. Louis Home

It’s crucial to check out housing market predictions for 2024 before selling your home this year. These predictions can give you a rough idea of what to expect in terms of trends like home prices, demand, and inventory. This can provide valuable insight into how potential buyers may perceive your home and suggest ways to enhance its appeal.

Also, having insights into market predictions can be really helpful when deciding the optimal timing to sell your home. It can guide you in determining the right listing price and even assist you in devising effective marketing and sales strategies.

It is important to remember that predictions are not infallible and local St. Louis market conditions may deviate from national trends. Therefore, it is crucial to seek guidance from a knowledgeable local real estate agent who can offer a comprehensive and precise analysis of the market conditions in your area. Their expertise will assist you in making the optimal decision when it comes to selling your home.

Predictions From St. Louis Real Estate Experts & How It Could Impact Home Seller’s Decisions

We have conducted extensive research on multiple websites to gather a range of professional opinions and predictions regarding the US and local housing market in 2024. We highly recommend reviewing these findings and exploring our comprehensive summary and advice provided at the conclusion.

Houzeo:

Missouri houses have continued to increase in prices throughout 2023. In September, 2023, we saw a 3.8% rise in average home prices year-over-year from $239,800 to $249,000. While the number of homes on the market decreased.

Promising news awaits prospective homebuyers in this prediction. According to Realtor.com, in 2024, there will be an increase in the number of homes available for sale. Additionally, these homes are anticipated to stay on the market for longer durations, resulting in a decrease in competitiveness. This shift comes after a prolonged period of limited supply, where a highly competitive market posed challenges for many buyers, especially those venturing into homeownership for the first time.

Business Insider:

Homebuyers can keep their heads held high for 2024 because we are expecting lower mortgage rates! After mortgage rates ran up in 2023 to record highs from the last two decades. Inventory has plummeted and homebuyers are eager to finally get their own home. 2024 Should be a much better year for both homebuyers to find better deals on houses while home sellers should be able to sell for reasonable prices in a reasonable amount of time.

Experts still generally believe that home prices will continue to rise in 2024,  but at a slower pace compared to previous years. This is due to factors such as decreased mortgage rates and a potential slowdown in the overall economy. Also with a lack of inventory comes an increased demand for homes.

Financial Samurai:

With regards to the St. Louis Federal Reserve data, the median home price in America was $479,500 in 4Q2022. According to the most recent data from 3Q2023, the median home price in America stands at $431,000, marking a decline of 10.1%. We’ll have to wait a few more months to find out the median home price for 4Q2023.  But by comparing the median home price in 4Q2022 to 3Q2023, we can get a better sense of the direction of housing prices.

Industry experts predict that home prices will continue to rise in 2024 due to several factors such as low interest rates and strong demand from buyers. However, there may be some downward trends in the housing market.  According to Financial Samurai’s prediction, the median home price in America is expected to decrease by 5-10% in 2024.

St. Louis Post Dispatch

Economists believe that with lower interest rates in 2024 buyers are unlikely to entice ‘rate-locked’ homeowners to sell.  As rates decrease, homeowners tend to contemplate the idea of selling since they will be able to buy a new home with a low interest rate. This means home shoppers in 2024 will continue to face competition when looking to buy a new property. While some experts predict that inventory may increase slightly, it is unlikely to meet the demand from potential buyers.

Advice From Our Local Professionals At Fast Lane Real Estate

As you can see, many professionals predict a potential steady increase in prices, and in some cases even a bit more of a buyer’s market across the U.S. as a whole. However, local professionals here in the St. Louis area seem to feel that the market will still be fairly even for both home sellers and buyers in 2024.

What does that mean for you if you are looking to sell your home this year in Philadelphia?  If you have a home that is in good condition in a desirable area, call a local real estate agent and check out your options.  You could also consider a FSBO (For Sale By Owner) option if you are brave, have the time, and want to save some commission fees.

But hey, what if your home isn’t in good shape? What if you’ve got foundation damage, mold, or a bad roof? Maybe you’ve got years of clutter in the basement, outdated bathrooms, and a kitchen that needs some love. If you find yourself in one of these situations, you might wanna consider a cash offer from a professional home buying company like Fast Lane Real Estate. Even in a booming housing market, dealing with multiple issues in your property might not be worth the time, effort, and expense of trying to sell it through a real estate agent.

Fast Lane Real Estate should be on your short list of options as you look at your opportunities to sell quickly. At Fast Lane Real Estate, we can make you a cash offer on your property as-is. There are no official inspections, no repairs needed, no clean-up, or remodeling needed. We simply make you a cash offer and if you accept, we can typically close the deal within a week to ten days and you will have your cash in hand. 

You can learn more about how our process works by clicking here. You can read our Google reviews by clicking here or explore videos featuring our satisfied clients. If you’d like to talk more, our team of friendly and professional experts is ready to assist you. Call us at (314) 310-8338 today. We can give you a no-obligation quote usually within 24 hours. Wishing you all the best! Just give us a shout if you think we can lend a hand.