2024 Housing Predictions in an Election Year

/in , , , ,

We don’t need a crystal ball to know the Massachusetts housing market is very much a seller’s market these days, thanks to high demand, low inventory, and rising prices. A report from The Warren Group confirms this trend, with both single-family and condo prices reaching new highs in January 2024. While this may seem daunting, it’s important to keep in mind that the housing market is cyclical, and these trends will eventually shift.

Election Year Factors and Potential Shifts

In an election year like 2024, external factors could influence the housing market. While elections rarely have a direct impact on the housing market, we do know that economic directives by elected officials could potentially influence interest rates, as we have seen in 2023. The economy has been a hot topic among virtually all candidates at all levels of government, so it’s natural to expect campaign promises from the candidates as we inch toward November 5th.

Predicting the Future

Predicting the exact trajectory of the market can be challenging, but let’s break out the tarot cards and tea leaves and give it a try. While 2024 might see continued price growth, the rate of increase is projected to slow down compared to last year.

With our glasses half full, we’ll cautiously predict a gradual increase in available inventory, which should ease some of the current pressure on buyers and keep bidding wars in check.

Expert Guidance

Navigating a competitive market requires thoughtful strategies and expert guidance. I am dedicated to helping you achieve your goal of owning a home. I can also connect you with experienced real estate professionals who understand the local market and can help you find the right home. Let’s talk!

Get in Touch

I am dedicated to finding you a mortgage that fits your budget and works for your unique situation. Call me at 617-965-1236 to get started.

* * * * *

Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

Leap Year

Happy Leap Day! 2024 is a leap year, which adds an extra day, February 29, to the calendar every four years.

This adjustment is necessary to keep our calendar in alignment with the Earth’s revolutions. It takes about 365.24 days to complete one orbit around the Sun. By adding an extra day every four years, we compensate for this discrepancy.

Leap Year Trivia:

  1. Every year divisible by 4 is typically a leap year unless it is a century year (ending in 00). Century years must be divisible by 400 to be leap years. Therefore, 2000 was a leap year, but 1900 was not.
  2. The chance of being born on February 29 is 1 in 1,461.
  3. The Summer Olympics and U.S. presidential elections are held in leap years.
  4. The concept of leap years dates back to the time of Julius Caesar in 45 BCE, with the introduction of the Julian calendar.

Home Improver: Pre-Spring-Cleaning Checklist

We are in for a warmup starting this weekend. Spring is only a few short weeks away. But before you begin your annual Spring Cleaning ritual, here’s a checklist of things to prepare in your home before the big scrub.

Indoor Refresh

  • HVAC Tune-up: Schedule a check-up for your heating and air conditioning system. Improve efficiency and prevent breakdowns as the weather turns warmer.
  • Change Air Filters: Replace those dusty filters for cleaner air and better airflow.
  • Inspect Your Roof and Gutters: Look for missing shingles, damaged chimney flashing, and gutter clogs left behind from winter storms.
  • Check for Foundation Issues: Take a walk around your home and look for any developing cracks.

Yard and Garden Revival

  • Tend to the Lawn: Aerate and reseed if needed; start applying pre-emergent weed control.
  • Prune and Prep: Cut back dead branches on shrubs and trees, and prep your garden beds for planting.
  • Choose Your Blooms: Decide on spring flowers and start mapping out your garden design.

Bonus Tip: Don’t forget to check your smoke and carbon monoxide detectors to ensure they’re in good working order.