INDIANAPOLIS (WISH) — Real estate experts predict 2024 will be an interesting year as interest rates begin to fall and the housing market recovers.
“I think there’s a lot of good talent looking to take advantage of lower interest rates and increased inventory in the spring and summer,” said Mike Jones, managing broker and owner of RE/MAX at the. intersection. “This is going to be a really exciting year.”
Jones said winter is typically a slow time for real estate sales, but lower interest rates have led to an increase in housing sales.
“Interest rates are already starting to come down a little bit. People have already started taking advantage of these since the beginning of this year, but we expect them to go down even further,” Jones said. “A lot of homeowners have already put a lot of equity into their properties, so there are a lot of people who make a lot of money when they want to sell, and interest rates are much more normalized for buyers.”
Jones said corporate home purchases are a problem in Indianapolis. Corporate purchases make purchasing a home more difficult for some potential buyers and families.
“It’s best for people to be able to afford to buy homes and build wealth and have the opportunities and everything that we had and be able to pass that on to future generations and everything.” said Jones.
National experts have warned that home prices are unlikely to fall in 2024, but mortgage rates should average around 6.8%, according to Realator.com. December 2023 ended at 6.61%.
Jones said lower interest rates could encourage large companies to buy more homes to rent or convert. Bills seeking to address corporate takeovers have been introduced in Congress.