In this episode of the Martini Mortgage Podcast, Certified Mortgage Advisor and Raleigh Mortgage Broker Kevin Martini shares his 2024 real estate forecast which is data-driven over sensational headlines. Dubbed the "4, 5, 6 forecast," Martini outlines his moderate yet realistic predictions for the real estate market in 2024.
Key Predictions:
- Home Appreciation: Predicted at 4% for 2024.
- Home Sales: Forecasting 5 million homes to be sold in 2024.
- Mortgage Rates: Anticipating rates to stabilize around 6%.
In-Depth Analysis:
Mortgage Rates: Reflection on the unexpected spike in mortgage rates in 2023 and the current trend towards mid 6% rates. Discussion includes factors influencing these changes, like inflation and Federal Reserve policies.
Market Predictions: Martini addresses the potential conservative nature of his 6% rate prediction, the challenges in timing the market, and the future refinancing opportunities.
Home Sales: Insight into the predicted increase in home sales in 2024, driven by life events, lower mortgage rates, and increased affordability. Martini also touches on the impact of existing homeowners feeling more comfortable moving up.
Home Price Appreciation: A deep dive into the 4% home price appreciation prediction for 2024, referencing various sources like the CoreLogic S&P Case-Shiller Index and the Home Price Expectation Survey.
Kevin Martini | NMLS 143962 | Certified Mortgage Advisor | Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | 507 N Blount St, Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgageGroup.com | Kevin@MartiniMortgageGroup.com | Equal Housing Lender
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