What to Expect for the 2024 Summer Housing Market

Dated: May 16 2024

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One truism about the housing market is that it changes constantly to favor sellers or homebuyers. Seldom does a balanced market exist where buyers and sellers are more evenly matched except for summertime, when schools are out. That’s why it’s the busiest of homebuying seasons.

To be a better prepared buyer, you should get prequalified for a mortgage loan, and if costs are too high, you should lower your debts and pump up your savings for a down payment until you’re ready to buy.

If you’re looking to sell, you should get your homes in top condition so you can command the highest price possible. But the most important step is to build a strong relationship with your Berkshire Hathaway HomeServices network professional.

Your broker or agent can help you, whether you’re a buyer or seller. With a vast amount of data at their fingertips, they can keep you abreast of any changes in your local market. This spring, for example, the share of homes with price reductions was the highest since January 2017 and mortgage interest rates dropped slightly, which enticed sidelined buyers back into the market.

Freddie Mac predicts that interest rates won’t drop by much before June 2024, so homebuyers and sellers should be aware of the importance of having good credit. As banks tighten lending standards for unsecured loans like credit cards, they’ll favor purchase mortgages for borrowers and home improvement loans for sellers who’ve protected their credit without high balances, late payments or defaults. Mortgages are also secured by the borrower’s home. 

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Hills Real Estate Team is here to help you with all of your real estate needs. With our combined 76+ years experience in home sales and negotiations and a vast knowledge of these areas, we are the team to help you sell your current home and/or buy your forever home! Because we have a team at our hands we are more diversified, experienced and qualified to handle any real estate situation. Our education and experiences help us offer more specialties than any one person could.

To learn more, please visit our website at www.hillsrealestateteam.com. Please feel free to contact us via call, text or email at anytime. We are always open and available to help you no matter what your question or situation is.

Hills Real Estate Team - Berkshire Hathaway HomeServices Midwest Realty

605-939-0306

info@hillsrealestateteam.com

Office Locations:

Rapid City, SD

Spearfish, SD

Sioux Falls, SD

Montana

Wyoming

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Cheri St. Pierre

Cheri St. Pierre has spent 24 years in real estate and thoroughly enjoys putting her business ideas to work. She has lived in South Dakota a good part of her life and knows the Black Hills inside and ....

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