Melissa Schechterle Realtor

Myths About the 2024 Housing Market [INFOGRAPHIC]

When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. Let’s connect so you have an expert to help separate fact from fiction in today’s housing market.

Myths About the 2024 Housing Market [INFOGRAPHIC] When it comes to the current housing market, there are some myths circling around right now. 

Builders Are Building Smaller Homes

There’s no arguing it, affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now and they’re offering incentives. And that can help give you more options that fit the bill.

Newly Built Homes Are Trending Smaller

During the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that were bigger, so people had more space for things like working from home, having a home gym, bonus rooms for virtual school, and more.

But with the affordability challenges buyers are facing today, builders are increasingly shifting their attention to bringing smaller single-family homes to the market.

So, why the shift to less square footage? It’s simple. Builders want to build what they know...

Builders Are Building Smaller Homes There’s no arguing it, affordability is still tight.

Your Home Is a Powerful Investment

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home.

But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”

The big takeaway? Home prices almost always go up.

As an article from Forbes says: “. . . the U.S. real estate market has a long and reliable history of increasing in value over time.”

In fact, since 1980, the only time home prices dropped was during the housing market crash. Fortunately, the market today isn’t like it was in 2008. For starters, there aren’t enough available homes to meet buyer...

Your Home Is a Powerful Investment Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash.