Unlocking Homebuyer Opportunities in 2024

KCM • August 11, 2024

Unlocking Homebuyer Opportunities in 2024




There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:

  • They couldn’t find anything in their price range
  • They didn’t have any successful offers or had difficulty competing
  • They couldn’t find the right home

If any of these sound like why you stopped looking, here’s what you need to know. The housing market is in a transition in the second half of 2024. Here are four reasons why this may be your chance to jump back in.

1. The Supply of Homes for Sale Is Growing

One of the most significant shifts in the market this year is how the months’ supply of homes for sale has increased. If you look at data from the National Association of Realtors (NAR), you’ll see how inventory has grown throughout 2024 (see graph below):


This graph shows the months’ supply of existing homes – homes that were previously lived in by another homeowner. The upward trend this year is clear.

This increase means you have a better chance of finding a home that suits your needs and preferences. And if the biggest reason you put off your home search was difficulty finding the right home, this is a big relief.

2. There’s More New Home Construction

And if you still don’t see an existing home you like, another big opportunity lies in the rise of new home construction. Builders have worked to increase the supply of newly built homes this year. And they’ve turned their attention to crafting smaller, more affordable homes based on what’s most needed in today’s market. This helps address the long-standing issue of housing undersupply throughout the country, and those smaller homes also offset some of the affordability challenges you’re feeling today.

According to data from the Census and NAR, one in three homes on the market is a newly built home (see graph below):


This means, that if you didn’t previously look at newly built homes as part of your search, you may have been cutting your pool of options by a third. Not to mention, some builders are also offering incentives like buying down mortgage rates to make it easier for buyers to get a home that fits their budget.

So, consider talking to your agent about what builders have to offer in your area. Your agent’s expertise on builder reputations, contracts, and more will help you weigh your options.

3. Less Buyer Competition

Mortgage rates are still hovering around 7%, so buyer demand isn’t as fierce as it once was. And when you combine that with more housing supply, you have a better chance of avoiding an intense bidding war. Danielle Hale, Chief Economist at Realtor.com, highlights the positive trend for the latter half of 2024, saying:

“Home shoppers who persist could see better conditions in the second half of the year, which tends to be somewhat less competitive seasonally, and might be even more so since inventory is likely to reach five-year highs.”

This creates a unique opportunity for you to find a home you want to buy with less stress and at a potentially better price.

4. Home Prices Are Moderating

Speaking of prices, home prices are also showing signs of moderation – and that’s a welcome shift after the rapid appreciation seen in recent years (see graph below):


This moderation is mostly due to supply and demand. Supply is growing and demand is easing, so prices aren’t rising as fast. But make no mistake, that doesn’t mean prices are falling – they’re just rising at a more normal pace. You can see this in the graph. The bars are still showing prices increasing, just not as dramatic as it was before.

The average forecast for home price appreciation in 2024 is for positive growth around 3% to 5%, which is more in line with historical norms. That moderation means that you are less likely to face the steep price increases we saw a few years ago.

The Opportunity in Front of You

If you’re ready and able to buy, you may find that the second half of 2024 is a bit easier to navigate. There are still challenges, but some of the biggest hurdles you’ve faced are getting better as time wears on.

On the other hand, you could choose to wait. But if you do, here’s the risk you run. As more buyers recognize the shift in the market, competition will grow again. On a similar note, if mortgage rates do come down (as forecasts say), more buyers will flood back into the market. So, making a move now helps you take advantage of the current market conditions and get ahead of those other buyers.

Bottom Line

If you’ve put your dream of homeownership on hold, the second half of 2024 may be your chance to jump back in. Let’s connect to talk more about the opportunities you have in today’s market.


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2026 Housing Market Outlook

By KCM • October 26, 2025
2026 Housing Market Outlook After a couple of years where the housing market felt stuck in neutral, 2026 may be the year things shift back into gear. Expert forecasts show more people are expected to move – and that could open the door for you to do the same. More Homes Will Sell With all of the affordability challenges at play over the past few years, many would-be movers pressed pause. But that pause button isn’t going to last forever. There are always people who need to move. And experts think more of them will start to act in 2026 (see graph below): What’s behind the change? Two key factors: mortgage rates and home prices. Let’s dive into the latest expert forecasts for both, so you can see why more people are expected to move next year. Mortgage Rates Could Continue To Ease The #1 thing just about every buyer has been looking for is lower mortgage rates . And after peaking near 7% earlier this year, rates have started to ease. The latest forecasts show that could continue throughout 2026, but it won’t be a straight line down (see graph below): There’s a saying: when rates go up, they take the escalator. But when they come down, they take the stairs. And that’s an important thing to remember. It’ll be a slow and bumpy process. Expect modest improvement in mortgage rates over the next year but be ready for some volatility. There will be volatility along the way as new economic data comes out. Just don't let it distract you from the bigger picture: the overall trend will be a slight decline. Forecasts say we could hit the low 6s, or maybe even the high 5s. And remember, there doesn't have to be a big drop for you to feel a change. Even a smaller dip helps your bottom line. If you compare where rates are now to when they were at 7% earlier this year, you’re already saving hundreds on your future mortgage payment. And that’s a really good thing. It’s enough to make a real difference in affordability for some buyers. Home Price Growth Will Be Moderate What about prices? On a national scale, forecasts say they’re still going to rise, just not by a lot. With rates down from their peak earlier this year, more buyers will re-enter the market. And that increased demand will keep some upward pressure on prices nationally – and prevent prices from tumbling down. So, even though some markets are already seeing slight price declines, you can rest easy that a big crash just isn’t in the cards. Thanks to how much prices rose over the last 5 years, even the markets seeing declines right now are still up compared to just a few years ago. Of course, price trends will depend on where you are and what’s happening in your local market. Inventory is a big driver in why some places are going to see varying levels of appreciation going forward. But experts agree we’ll see prices grow at the national level (see graph below): This is yet another good sign for buyers and overall affordability. While prices will still go up nationally, it’ll be at a much more sustainable pace. And that predictability makes it easier to plan your budget. It also gives you peace of mind that prices won’t suddenly skyrocket overnight. Bottom Line After a quieter couple of years, 2026 is expected to bring more movement – and more opportunity. With sales projected to rise, mortgage rates trending lower, and price growth slowing down, the stage is set for a healthier, more active market. So, the big question: will you be one of the movers making 2026 your year? Let’s connect if you want to get ready.

Why Home Prices Aren’t Actually Flat

By KCM • October 25, 2025
Why Home Prices Aren’t Actually Flat If you’ve been following real estate news lately, you’ve probably seen headlines saying home prices are flat. And at first glance, that sounds simple enough. But here’s the thing. The reality isn’t quite that straightforward. In most places, prices aren’t flat at all. What the Data Really Shows While we’ve definitely seen prices moderate from the rapid and unsustainable climb in 2020-2022, how much they've changed is going to be different everywhere. If you look at data from ResiClub and Zillow for the 50 largest metros, this becomes very clear. The real story is split right down the middle. Half of the metros are still seeing prices inch higher. The other half? Prices are coming down slightly (see graph below). The big takeaway here is “flat” doesn’t mean prices are holding steady everywhere. What the numbers actually show is how much price trends are going to vary depending on where you are. One factor that’s driving the divide? Inventory. The Joint Center for Housing Studies (JCHS) of Harvard University explains : “ . . . price trends are beginning to diverge in markets across the country. Prices are declining in a growing number of markets where inventories have soared while they continue to climb in markets where for-sale inventories remain tight .” When you average those very different trends together, you get a number that looks like it’s flat. But it doesn’t give you the real story and it’s not what most markets are feeling today. You deserve more than that. And just in case you're really focusing on the declines, remember those are primarily places where prices rose too much, too fast just a few years ago. Prices went up roughly 50% nationally over the past 5 years, and even more than that in some of the markets that are experiencing a bigger correction today. So, a modest drop in some local pockets still puts most of those homeowners ahead when it comes to the overall value of their home. And based on the fundamentals of today’s housing market, experts are not projecting a national decline going forward. So, what's actually important for you to know? If You’re Buying... You need to know what's happening in your area because that’s going to influence everything from how quickly you need to make an offer to how much negotiating power you’ll have once you do. In a market where prices are still inching up , waiting around could mean paying more down the line. In a market where they’re easing , you may be able to ask for things like repairs or closing cost help to sweeten the deal. The bottom line? Knowing your local trend puts you in the driver’s seat. If You’re Selling... You’ll want to be aware of local trends, so you’ll know how to price your house and how much you can expect to negotiate. In a market where prices are still rising , you may not need to make many compromises to get your home sold. But if you’re in a market where prices are coming down , setting the right price from the start and being willing to negotiate becomes much more important. The big action item for homeowners? Sellers need to have an agent’s local perspective if they want to avoid making the wrong call on pricing – and homes that are priced right are definitely selling. The Real Story Is Local The national averages can point to broad trends, and that's helpful context. But sometimes you’re going to need a local point of view because what’s happening in your zip code could look different. As Anthony Smith, Senior Economist at Realtor.com, article puts it: “While national prices continued to climb, local market conditions have become increasingly fragmented… This regional divide is expected to continue influencing price dynamics and sales activity as the fall season gets underway. ” That’s why the smartest move, whether you’re buying or selling, is to lean on a local agent who’s an expert on your market. They’ll have the data and the experience to tell you whether prices in your area are holding steady, moving up, or softening a bit – and how that could impact your move. Bottom Line Headlines calling home prices flat may be grabbing attention, but they’re not giving you the full picture. Has anyone taken the time to walk you through what we’re seeing right here, right now? If you want the real story about what prices are doing in our market, let’s connect.

What Buyers Say They Need Most (And How the Market’s Responding)

By KCM • October 24, 2025
What Buyers Say They Need Most (And How the Market’s Responding) A recent survey from Bank of America asked would-be homebuyers what would help them feel better about making a move, and it’s no surprise the answers have a clear theme. They want affordability to improve, specifically prices and rates (see below): Here’s the good news. While the broader economy may still feel uncertain, there are signs the housing market is showing some changes in both of those areas. Let’s break it down so you know what you’re working with. Prices Are Moderating Over the past few years, home prices climbed fast, sometimes so fast it left many buyers feeling shut out. But today, that pace has slowed down. For comparison, from 2020 to 2021, prices rose by 20% in a 12-month period. Now? Nationally, experts are projecting single-digit increases this year – a much more normal pace. That's a sharp contrast to the rapid growth we saw just a few short years ago. Just remember, price trends are going to vary by area. In some markets, prices will continue to rise while others will experience slight declines . Prices aren’t crashing, but they are moderating. For buyers, the slowdown makes buying a home a bit less intimidating. It’s easier to plan your budget when home values are moving at a much slower pace. Mortgage Rates Are Easing At the same time, rates have come down from their recent highs. And that’s taken some pressure off would-be homebuyers. As Lisa Sturtevant, Chief Economist at Bright MLS, says: “Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market. ” Even a small drop in mortgage rates can mean a big difference in what you pay each month in your future mortgage payment. Just remember, while rates have come down a bit lately, they’re going to experience some volatility. So don’t get too caught up in the ups and downs. The overall trend in the year ahead is that rates are expected to stay in the low to mid-6s – which is a lot better than where they were just a few short months ago. They may even drop further, depending on where the economy goes from here. Why This Matters Confidence in the economy may be low, but the housing market is showing signs of adjustment. Prices are moderating, and rates have come down from their highs. For you, that may not solve affordability challenges altogether, but it does mean conditions look a little different than they did earlier this year. And those shifts could help you re-engage as we move into next year. Bottom Line Both of the top concerns for buyers are seeing some movement. Prices are moderating. Rates are easing. And both trends could stick around going into 2026. If you’re considering a move, let’s connect walk you through what’s happening in our area – and what it means for your plans.
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