Our 2024 Real Estate Predictions for San Francisco post is up on VivreRealEstate.com! Every year since the early aughts, when Danielle started her SFhotlist blog, her annual "Real Estate Predictions" have been a hit.
Watch the video and read below for a quick summary. Click here to read the full 2024 SF Real Estate Predictions post.
What did last year's market teach us, and how accurate were our predictions? In our 2023 Predictions blog, we forecast mortgage rates to fall slightly throughout the year and home prices to be a mixed bag in San Francisco.
Let's call it a B, maybe B+? We were right about home prices. Those were all over the place in San Francisco and parts of the Bay Area. In SF, single-family homes appreciated while condos varied widely. Even among houses, the appreciation was different from one neighborhood to the next.
On the other hand, we were dead wrong about mortgage rates! While most economists expected the US economy to slow, perhaps tipping into recession and prompting interest-rate decreases, the economy stayed relatively strong. In turn, mortgage rates just kept rising throughout the year, reaching a peak in Oct/Nov.
What's next for SF Bay Area homeowners, hopeful homebuyers and prospective home sellers in 2024? We cover a few key data points in our 2024 Predictions blog. Here's a quick summary and what it means for you.
Industry forecasts predict a slow decline in mortgage rates throughout 2024. How will this affect your purchasing power and investment strategies? Consider how even a small percentage change can significantly impact your long-term financial planning.
As mortgage rates improve and more sellers and buyers alike entering the market, we predict home sales to increase in 2024. San Francisco home prices will again be a mixed bag, but as buyers get better purchasing power with rates decreasing, we predict home prices to also increase in 2024 overall.
Food for Thought: What does this mean for the availability and pricing of homes in your desired San Francisco neighborhood? How can you strategize to find the best deal in a competitive market? If you have questions about your personal situation, send us a message here.
Recent discussions and lawsuits surrounding real estate commissions have brought these issues to the forefront. But what does this mean for you as a buyer or seller?
Traditionally, real estate commissions are paid by the seller and are split between the buyer's and seller's agents. However, legal challenges and consumer advocacy groups are questioning this model, advocating for more transparency and potentially reshaping who pays the commission and how much.
We are happy to leave this debate to the lawyers and pundits, but we did share a bit more of our industry-insider perspective on the full Vivre blog.
Buying or selling a home in SF (or both), here are a few questions to get your real estate juices flowing and help you plan for the year.
As you contemplate your next steps in SF Bay Area real estate, consider how these predictions and trends might influence your decisions. What are your goals, and how will you adapt your strategy to meet the evolving landscape?
For a deeper dive into the 2024 San Francisco Bay Area real estate predictions, read our full 2024 Predictions blog at Vivre Real Estate. And when you feel ready to discuss your personal situation and goals in greater detail, reach out to schedule a no-pressure consultation and we'll talk about all your options. Click here to contact us.
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