Podcast - 3/8/24

🏡🌟 Expert Home Price Forecasts for 2024 Revised Up! 🌟🏡

Great news for homeowners and potential sellers! Experts have recently revised their 2024 home price forecasts, and they're even more confident that prices will rise, not fall. 📈💰

Check out the chart below to see the updated projections compared to their initial forecasts made at the end of 2023. The difference is significant, indicating stronger upward pressure on home prices. 📊💪

What's driving this surge? Two major factors: low housing inventory and declining mortgage rates. With fewer homes for sale and favorable mortgage rates, buyer demand is on the rise, leading to higher home prices. 🏠📉

But don't just take our word for it! Real estate experts regularly update their forecasts to reflect market changes. As mortgage rates continue to trend down, we can expect even higher demand and potentially higher price forecasts. 📉🔍

Curious about how these changes could impact your local market? Let's connect to discuss what you can expect with home prices in your area. 🤝🔮

#RealEstate #HomePrices #MarketTrends #ExpertInsights 🌟

And don't forget to check out our #HouseoftheWeek:
🏠 12215 Old Frederick Rd Thurmont
💰 $750,000
🛏️ 4 bedrooms, 2.5 bathrooms
🌳 9.8 acres
🔥 Primary suite with vaulted ceilings & wood-burning fireplace
🛁 Primary bath with heated flooring, soaking tub, & spacious shower
🐾 Animal lover's dream with two pole barns & split rail fencing
🌄 Breathtaking sunsets & mountain views

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. All the info you need on the current stay, the industry. What are we going with this week, Jay?

Jay Day:

Last week we dedicated the podcast to talking about mortgage rates and buyers and things like that. So I thought we would talk this time about how I love seeing what experts, experts forecast for things. So the experts have made changes to their forecast for what they think pricing is going to look like on homes and increases in values in 2024. So let me give you what they estimated and what it has been changed to. So the last time we talked about these forecasts from the companies, it was back in November, and Goldman Sachs is one of them. Goldman Sachs was thinking that home values were going to see an increase of 1.9%. That was their estimate for 2024 when they made their predictions in November. Now, as of March, they're now thinking that the home values will increase 5%, so they realize they may have underestimated what the home values are going to, the appreciation that's going to happen. The Mortgage Banker Associations went from 1.1% to 4.1%. Zillow went from 0.2% to 3.5%. Fannie Mae, 2.8% to 3.2%. Freddie Mac, 2.6% to 2.8, and the National Association of Realtors went from 0.7 to 1.9. The gist of this, Tom, is, and I'm sure if anyone's here wants to go back and listen to the podcast, we talked about this. I laughed at the numbers that they had in their original forecast and said, we're going to go way beyond those numbers. And now they've also made the adjustments of, hold on. These values are not going down. They are not going to just go up a slight amount, but we could potentially see a massive increase. And we saw, just think about the split, and I think what caused this for them was the rates. We had some rates to hit that upper fives at the end of last year into January, and we saw a peak in sales. And when the peak in sales happens, we ended up seeing an increase in sales prices. So they realized, Hey, if these interest rates end up dropping, these prices are going to continue to increase and increase to a point that can be a little more than we ever anticipated. So I looked at another thing from the National Association of Realtors, and just to give an idea in 2023, because it always takes time for things to pass for them to be able to evaluate all the numbers. In 2023, 15% of the 221 metro areas had double digit year over year price increases. So double digit increase in percentage of values year over year. I mean, that's massive. That's a huge number.

Tom Whalen:

Let me ask you a question, layman's question. This news of all the increase of the values of these homes and the prices of these homes, is this great news or just news or good news for some people, bad news for some people.

Jay Day:

So if you're a seller and it's good news because you're going to sell your home for more.

Tom Whalen:

It's good news. Absolutely.

Jay Day:

If you're a buyer, you're going to be paying a little more. But it all boils down to exactly what we've talked about, that we can't predict anything that is truly going to happen. We can base things off of the past. Typically in a election year, things do get a little interesting. It's not unusual that rates come down. We had that happen for a bit and then the rates went back up. We're still nowhere near, we're still in the early phases of getting close to the election. It'll be interesting. I want to see how it all shakes out. I don't even know what the expectation is after, and I go back to it all the time. None of us could have ever expected or thought about what covid would've done and how that shifted and changed the real estate industry and market completely.

Tom Whalen:

That was crazy. We were doing these on the phone. Yeah, it was lunacy. Yes.

Jay Day:

I forgot all about that. That was, yes.

Tom Whalen:

No, I remember vividly.

Jay Day:

I remember listening to the first one and I'm like, that audio sounds horrendous.

Tom Whalen:

It sounds horrendous. Yes, it's gotten a little bit better, but just not being together. That was horrible.

Jay Day:

Yeah, we weren't. Well, and that was the funny thing. I guess I can say it now. And we couldn't be together in the studio because of all the companies had to be very careful and keep their employees safe.

Tom Whalen:

Sure, absolutely.

Jay Day:

And then we would do a phone call of that, and then I would end up seeing you and show you houses.

Tom Whalen:

I know, I know. And it was during Covid, it was when we had to follow a lot of rules to go into these homes. It was not easy to show a home.

Jay Day:

I'm like, Tom, you can't touch anything here. Here you need to use this hand sanitizer before.

Tom Whalen:

Oh no, that was great. It was great. You and I have done these for a long time, man.

Jay Day:

Oh yeah. And I mean, funny thing too is that's when I first met Andy, because Andy was coming to the station and he was looking for places, and we don't do rentals, but with the relationship we have with the station, he wanted to see some places. And I'll never forget the first time I met him, he walked up and I'm like, okay. I shake his hand. I'm like, all right, but now I need you to use this hand sanitizer because they're requiring that before we go in the house, I have to use it before I touch the doorknob. He looked at me, what in the world did I walk into? I'm like, Maryland is a little different than the South. Yes, we're technically in the south, but not really.

Tom Whalen:

It ain't Mississippi. It ain't the Delta South. We are in the South.

Jay Day:

And I was like, I'm sorry, buddy. You got to wear a mask. I'm like, it's not me. It's just we got to follow these protocols or I can get in trouble.

Tom Whalen:

I guess people, they know that you and I have been close friends, not just business colleagues for a long time. They must know that by now. We've been together for a long time. We love each other's families.

Jay Day:

Oh yeah. Well, and it's funny because every once in a while I still do get people that are like, do you really know Tom? And I'm like, and I tell everybody, I said in the beginning, Tom did a lot of stuff. He did a lot of our, I said, we met. I was like, but honestly, these podcasts. And that's when we really started to get to know each other, when we're sitting in the studio for 45 minutes to an hour recording these podcasts. And then once you started to looking at houses and then helping your family with selling homes, and then we were around each other even more.

Tom Whalen:

And when we were doing the podcast, first time, we're there with no women around, so we got to know each other really well.

Jay Day:

Yeah. Well, and I'll never forget when you embarrassed me. I think I showed you a house on my birthday and you guys all took me to a

Tom Whalen:

Village Tavern, man.

Jay Day:

And you sang, and I'm like, oh my God,

Tom Whalen:

Happy Birthday. Here's a bottle of gin and chocolate cake. Yeah, man, you were in.

Jay Day:

And Tom's voice is beyond recognizable, so just picture him in a restaurant singing,

Tom Whalen:

Trying to embarrass you, leaning into it.

Jay Day:

He did a hell of a job.

Tom Whalen:

Yeah, we did a great job that day.

Jay Day:

Tom was definitely, and that's when I just started laughing. But they were surprised that I'm like, I don't care. It's my birthday. I'll show you a house. And they're like, well, we want to go out to lunch with you.

Tom Whalen:

We became really good friends, and I saw the fact that you were a professional, the best realtor around that was just a bonus. And you helped us buy a house. That was just a bonus with your friendship, man, I'm a lucky guy knowing you and Christina.

Jay Day:

Same thing with us, knowing you and Carol. I mean, it's interesting how things have evolved over the years and you and I probably had no clue what this would've turned into. I'm sure you've done,

Tom Whalen:

No way,

Jay Day:

Tons of different things over the years with different clients. And then it has really turned into, like you said, we know each other's family. We care about each other's family. My mom makes your cookies every year,

Tom Whalen:

Every Christmas man, the best ever.

Jay Day:

And she'll call me and she goes, oh, the people, she's retired now. But she'll be like, oh, the people at work told me that Tom was talking about my cookies on air.

Tom Whalen:

So she needs a little bit of pressure. Let's get that tin of cookies over here or it ain't Christmas. Got a Home of the week?

Jay Day:

I do, buddy. Getting back to your neck of the woods. 12215 Old Frederick Road in Thurmont. This is listed for 750,000. It's a four bedroom, two and a half bath, 9.8 acres. The house is just under 2,700 square feet above grade. There's a partially finished basement. The primary suite, which used to be able to be called a master suite, has vaulted ceilings. A wood burning fireplace in your bedroom, talk about ambiance. The master bathroom has heated flooring, a soaking tub, a spacious shower. The home also has two pellet stoves, one on the main level, one in the lower level. This place is an animal lover's dream. They've got two pole barns, they have split rail fencing. They have a run-in shed. And the photos that the owner sent me with the sunsets, he said, these sunsets are just breathtaking. They're absolutely gorgeous from what he shared with me. Mountain views and you have all of that, but you're still not too far off of 15 to get to things. Thurmont is great place. I mean, you make the commute on a regular basis.

Tom Whalen:

Love Thurmont.

Jay Day:

So if you want to check it out, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, you can click schedule a showing, and one of our agents will give you a private tour. And thanks for tuning in.

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening. We'll be back next Friday. Tell your friends all about it.

Post a Comment