Realtors predict 2024 will remain a seller’s market
Denver area realtors anticipate interest rates will continue to drive the housing market in 2024.
But after a year when high rates stymied sales, they hope interest rates start dropping.
“I’m 100% certain rates will be lower,” said Delroy Gill with LIV Sotheby’s. “The sweet spot will be 6% or lower.”
Lower interest rates may convince more people to put their houses up for sale and may encourage some potential buyers to rejoin the fray.
“A little decrease in rates will bring buyers off the sidelines,” said Lauren Cotlar with 8z.
Ashleigh Fredrickson with The Agency said buyers and sellers must adjust to higher rates. “The days of 3% mortgage rates likely won’t be seen again any time soon.”
She’d like to see interest rates settle at 5 to 6%.
“That’s a normal, solid rate. People will get used to it and stop waiting, and some of the inventory gridlock will come to an end at some point this year.”
Limited inventory likely to keep prices high
Although it’s a new year, many of the same issues will continue to plague home buyers in 2024, said Bret Weinstein with Guide Real Estate
“January brings a new set of buyers, so sellers will see multiple offers, and I expect to see the days on the market drop,” he said.
But with limited inventory, prices likely won’t budge.
And when rates drop, more buyers will jump in, potentially sparking new bidding wars and pushing prices higher.
“I expect 2024 will continue to be a difficult market for buyers,” Weinstein said. “It’s primed to take off and become competitive.”
Can new construction help?
Gill said more construction would help, but it alone won’t meet pent-up housing demand.
“We’re likely going to continue to experience a housing shortage for at least three or four more years,” he said.
That limited inventory will likely keep the Denver area a seller’s market again in 2024.
“I’d love to see a balanced market, but sellers will continue to have the upper hand,” Cotlar said. “We just don’t have a ton of inventory. And we don’t have a lot of space for more houses to be built.”
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
Denver area realtors anticipate interest rates will continue to drive the housing market in 2024.
But after a year when high rates stymied sales, they hope interest rates start dropping.
“I’m 100% certain rates will be lower,” said Delroy Gill with LIV Sotheby’s. “The sweet spot will be 6% or lower.”
Lower interest rates may convince more people to put their houses up for sale and may encourage some potential buyers to rejoin the fray.
“A little decrease in rates will bring buyers off the sidelines,” said Lauren Cotlar with 8z.
Ashleigh Fredrickson with The Agency said buyers and sellers must adjust to higher rates. “The days of 3% mortgage rates likely won’t be seen again any time soon.”
She’d like to see interest rates settle at 5 to 6%.
“That’s a normal, solid rate. People will get used to it and stop waiting, and some of the inventory gridlock will come to an end at some point this year.”
Limited inventory likely to keep prices high
Although it’s a new year, many of the same issues will continue to plague home buyers in 2024, said Bret Weinstein with Guide Real Estate
“January brings a new set of buyers, so sellers will see multiple offers, and I expect to see the days on the market drop,” he said.
But with limited inventory, prices likely won’t budge.
And when rates drop, more buyers will jump in, potentially sparking new bidding wars and pushing prices higher.
“I expect 2024 will continue to be a difficult market for buyers,” Weinstein said. “It’s primed to take off and become competitive.”
Can new construction help?
Gill said more construction would help, but it alone won’t meet pent-up housing demand.
“We’re likely going to continue to experience a housing shortage for at least three or four more years,” he said.
That limited inventory will likely keep the Denver area a seller’s market again in 2024.
“I’d love to see a balanced market, but sellers will continue to have the upper hand,” Cotlar said. “We just don’t have a ton of inventory. And we don’t have a lot of space for more houses to be built.”
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
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