{"id":72584,"date":"2024-01-22T09:09:53","date_gmt":"2024-01-22T14:09:53","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=72584"},"modified":"2024-01-22T09:09:53","modified_gmt":"2024-01-22T14:09:53","slug":"real-estate-trends-whats-in-store-for-2024","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=72584","title":{"rendered":"Real Estate Trends: What\u2019s in Store for 2024?"},"content":{"rendered":"
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Florida Realtors chief economist: Watch for the market to reignite over the next several months. \u201cWe have weathered the worst of it.\u201d<\/h4>\n<\/div>\n
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ORLANDO, Fla. \u2013 Watch for the Florida real estate market to slowly start growing in 2024 as interest rates flatten and consumers begin realizing what they\u2019re seeing is the new normal in prices and interest rates, Florida Realtors\u00ae Chief Economist Dr. Brad O\u2019Connor said during the annual Florida Real Estate Trends Summit on Friday.<\/p>\n

Florida saw almost $200 billion in closed sales in 2023, which wasn\u2019t far below 2022, a super-strong sales year post-pandemic, he told a packed room of Realtors\u00ae. Moreover, that number was substantially higher than in the pre-pandemic year of 2018, according to Florida Realtors data.<\/p>\n

\u201cThere\u2019s still a lot of money flowing through our industry. We\u2019re not dead,\u201d O\u2019Connor said. \u201cOver the next several months, the market could reignite a little bit. Even though there aren\u2019t as many homes for sale, the ones that are for sale are selling for more.\u201d<\/p>\n

The summit was part of this year\u2019s Florida Realtors\u2019 Mid-Winter Business Meetings at the Hyatt Regency Orlando. In addition to O\u2019Connor, the summit featured Dr. Sean Snaith, a nationally recognized economist in the field of business and economic forecasting. Snaith has won multiple awards for the accuracy of his forecasts and research.<\/p>\n

Mortgage interest rates have likely peaked, and there\u2019s a good possibility that the Fed could begin cutting rates in the coming months \u2014 and that could reinvigorate buyers. O\u2019Connor speculated a cut to below 6% could be in the forecast with the first relief possibly coming by May.<\/p>\n

\u201cThe psychology of buying or selling a home is closely tied to these rates,\u201d he said.<\/p>\n

In addition to interest rates, Florida\u2019s high property insurance prices paired with inflation continue to slow buyer demand, O\u2019Connor said.<\/p>\n

\u201cPeople are still saying the real estate market is going to crash. But that\u2019s just not the case,\u201d he said, explaining that adjustable-rate mortgages, which played a large part in the housing crisis of the aughts, aren\u2019t as widespread. \u201cWe have weathered the pandemic with no foreclosure crisis. We are not in a position for a crash to happen.\u201d<\/p>\n

Recession on the horizon?<\/strong><\/p>\n

Both O\u2019Connor and Snaith acknowledged that signs point to a slowdown in economic growth at the national level, but that a full-blown recession isn\u2019t likely. Even so, Florida\u2019s strong economy is well-positioned.<\/p>\n

\u201cWe are forecasting a slowdown, not a downturn at this point,\u201d said Snaith. \u201cI think Florida is prepared to weather any national economic storm. We\u2019re ready.\u201d<\/p>\n

A few of the factors buffering the Florida real estate market from some national economic trends include:<\/strong><\/p>\n

    \n
  • The state\u2019s labor market is strong. (Snaith: \u201cPaychecks are still coming in.\u201d)<\/li>\n
  • Florida\u2019s population growth remains strong at about 1,000 new people a day. (Snaith: \u201cAn increase in population means an increase in economic activity.\u201d)<\/li>\n
  • The state is still attractive to \u201cuntethered\u201d remote workers.\u00a0(O\u2019Connor: \u201cThe workplace will never be what it used to be.\u201d)<\/li>\n
  • Retirees with home equity looking to relocate are unfazed by high interest rates.<\/li>\n<\/ul>\n

    Snaith pointed out, however, that \u201ccommercial real estate has a much bumpier road ahead than does residential\u201d in 2024. Commercial lending has gotten significantly tighter and is still feeling repercussions of the \u201cwork from home\u201d transition.<\/p>\n

    By Kim Hays<\/em><\/h6>\n
    \u00a9 2024 Florida Realtors\u00ae<\/em><\/h6>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Florida Realtors chief economist: Watch for the market to reignite over the next several months. \u201cWe have weathered the worst of it.\u201d ORLANDO, Fla. \u2013 Watch for the Florida real estate market to slowly start growing in 2024 as interest rates flatten and consumers begin realizing what they\u2019re seeing is the new normal in prices […]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/72584"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72584"}],"version-history":[{"count":2,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/72584\/revisions"}],"predecessor-version":[{"id":72586,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/72584\/revisions\/72586"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}