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The housing market nationwide has gone through tough times the past few years with low inventory, high prices and dramatically increasing mortgage interest rates. In 2020 and 2021, average rates for 30-year mortgages hovered around 3%, according to Freddie Mac. Since then, they have shot up to around 8%.
It’s impossible to say for certain what will happen in 2024, but the most likely of those factors to change is interest rates, said Glen Riggs, a Realtor with eXp Realty.
“What I think is going to happen is that we’re going to see — and I’m hoping for this — interest rates come down to a reasonable level,” he said. “People are still buying and selling homes today. I think we’re going to see the number of transactions will go up.”
Livermore vs. national market
For buyers and sellers in the Livermore area, it’s important to remember that the local market is different from the U.S. market at large, Riggs said.
“The biggest thing I can say about that is you have to ignore all of the hubbub and the hoopla and the naysayers that people are running across on Facebook and TikTok and Instagram,” he said. “Those people are coming to us from other places, even other places in California. Those are different than the economy here.”
That’s why it’s vital to talk to a local expert if you’re in the market to buy or sell, Riggs said. A real estate agent knows the ins and outs of what’s happening where you are.
Planning for your home’s future
Right now is an excellent time to take stock of your real estate situation and prepare, Riggs said.
“The best thing that people can do is think about what’s next,” he said. “Set plans. Make goals. What’s their threshold? If they’re thinking about moving, what are they going to do?”
If you’re thinking about selling your home, get ready for when interest rates lower and people are more interested in buying.
“Don’t wait until then to clean up,” Riggs said. “Get rid of those items. Donate them to a charity. It’s the holidays: Go through the gift closet. Does it make sense to keep them or let them go?”
Starting now will save you from feeling overwhelmed when it’s time to sell.
Saving during the holiday season
If you want to buy a home in the future, you can take steps to prepare, as well.
“For people who might be looking to buy, take this time to make sure your finances are in order,” Riggs said. “And don’t be afraid to talk to somebody about it. If you’re not sure what your financial situation is, ask.”
For example, don’t overextend yourself financially during the holidays. Rather, tell loved ones that buying a home is your priority, and ask for help making that happen. This could include doing a white elephant gift exchange or spending time together instead of exchanging traditional gifts.
Looking to 2024
The best plan for the coming year is to control what is within your power.
“I don’t believe it will be doom and gloom,” Riggs said. “I’m not an economist; I’m not a financial analyst; I am an optimist. I do believe, by taking care of your future and all that, you are leaving less to chance. You don’t need luck. You’ve prepared, and you’ve taken control. I think this is a time for people to leave less to luck and chance and better prepare.”
Glen Riggs was born and raised in Livermore and is very active in our community. Glen represents buyers and sellers in the Tri-Valley. He has been accredited as a Seniors Real Estate Specialist (SRES) and loves providing real estate assistance to those who are not sure where to start. Reach out to him at Glen@GlenRiggs.com to help you or someone you know get started today.
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