Your Central Oregon Real Estate Update for 2024:
Reflecting on the complexities of the real estate landscape in 2023, it's evident that challenges prevailed for both sellers and buyers alike.
The notable rise in interest rates, hovering close to 8%, coupled with a remarkable 36.88% surge in home values over the past five years, posed significant obstacles for potential buyers. The reluctance of homeowners, benefiting from historically low 3% interest rates, resulted in a constrained inventory, impacting overall market activity and leading to a somewhat subdued year in home sales.
However, as we approach 2024, a more optimistic outlook emerges. Forecasts indicate a potential decline in mortgage rates, possibly settling in the low 6% range. Simultaneously, with indications of inflation easing, a resurgence of buyer activity is anticipated. This shift in demand might encourage more sellers to reconsider entering the market.
We believe sellers who proactively engage with this renewed buyer interest may encounter multiple offer scenarios once more. Moreover, potential interest rate adjustments, potentially in March and May, are poised to stimulate an active real estate market in the coming year.
Should you contemplate taking advantage of this evolving market scenario for buying or selling real estate, our team at Tuttle and Tuttle is ready to engage in discussions tailored to your unique needs.
Kind Regards,
