In the latest Messy in the Middle episode, Jefi and Ed discuss the impact of interest rates and the Federal Reserve on the real estate market in 2024. They explain how lower interest rates will lead to a surge in buyers, increasing competition and driving up prices. They advise buyers to act now before they get priced out of the market, and sellers to take advantage of the current low inventory and put their homes on the market. They also discuss the potential effects of zoning changes and increased housing density.
Key Takeaways:
- The Federal Reserve is expected to cut interest rates by mid-2024, potentially affecting mortgage interest rates and the real estate market.
- Buyers currently waiting on the sidelines may find themselves priced out as property values continue to rise while inventory remains low.
- Sellers currently enjoying low rates should consider listing their homes now due to the increased buyer demand, which may shift when rates drop.
- The episode emphasizes the urgency of getting into the real estate market and considering less-than-ideal property types as investment stepping stones.
- Local government zoning changes are creating opportunities for increased housing availability, potentially affecting market dynamics in certain regions.
Quotes:
“All the analysts are saying by June, plus or minus a month, rates are going to, they're going to start cutting their rates and they're going to come down and that's going to have effects for buyers and sellers." -Ed
"Your competition as a buyer is about to explode because once interest rates go down, the buying pool grows." -Jefi
TIMESTAMPS
(01:14) Importance of interest rates for sellers
(08:49) Shortage of buyer activity and lack of inventory
(14:22) Governments are changing zoning to allow for more housing inventory
(16:25) The impact of lower mortgage rates in 2024 and more homes on the market
CONTACT
Messy in the Middle: messyinthemiddlepodcast.com
Ed Billings: edbillings.com
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