Home Sales Declined in 2023, Expected to increase in 2024

Spring of 2024. That's when rates may noticeably ease, and therefore open up the market to more buyers. Right now there's no inventory and not much affordability. 

The sweet spot is in homes bought in 2008 and 2022 and either held, or doubled their value in 2017, and tripled their value in 2021-2022.

1 in 3 Buyers in Major US Cities Made All-Cash Purchases

7% interest rates? Not a thing for 1 in 3 buyers. According to Redfin, a large amount of homes were purchased with cash. No doubt many of these buyers will refinance once the rates drop.

https://www.redfin.com/news/all-cash-homebuyers-september-2023/

Mortgage Rates Drop for First Time This Year

Finally, a small drop in mortgage rates down to 7.5%. This will bring some buyers back to the market, and keep prices steady despite the holiday slowdown.

https://www.cnn.com/2023/11/09/homes/mortgage-rates-november-9/index.html