A Look at the 2024 Real Estate Market: High Demand Despite Rising Mortgages

Happy New Year! 2024 is already shaping up to be a standout year in the real estate industry because of this surprising trend: a surge in mortgage demand despite rising interest rates and a cooling housing market, thanks to the tightening reins of the Federal Reserve.

In fact, according to the Mortgage Bankers Association’s first-week report of 2024, there has been a whopping 9.9 percent increase in mortgage applications. How is this possible? Experts suggest that it may be because of a combination of pent-up demand and a positive economic outlook, which is a hopeful sign for both buyers and sellers.

For sellers, with demand still superseding supply, this means you have the advantage and your listing could be extremely valuable. But to actually know your home’s value, it is crucial to understand its true worth. Enter For What It’s Worth Appraisals (FWIWA). Our services and team of experienced professionals offer the insights you need to price your home just right for you to make the most profit at closing.

For buyers, although it may be more of a challenge, with the right strategy, you can still have a successful house hunt that ends with making a smart investment. Even though interest rates are high right now, making sure you find the right house at the right price will benefit you in the long run.

Whether you are buying, selling, or just curious about your home’s value, our expert residential appraisers at FWIW will guide you in the right direction. Rest assured, our team stays updated on real estate market trends, is extremely knowledgeable on the area, and uses the latest tools to provide the most accurate appraisals in a timely manner.

Stay connected with the ongoing trends in the real estate and appraisal industries for 2024 right here at Fwiwa.com.

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