There’s no question that the 2024 real estate market is filled with both challenges and opportunities. Economists are unconcerned that rising housing prices could lead to another housing crash, expressing optimism that even if prices fall, there will not be nearly as severe a decline as we saw in 2008-2009. Hearing from experts in the field including Daryl Hagler, Dave Liniger and Rick Sharga enables people to get a better handle on what’s happening in the market and on what decisions and investments they should be making.

With the Great Recession looming fresh in their memory, builders have exercised more caution in terms of construction pace, which has led to a shortage of homes for sale. Further tightening the real estate market are those who are locked into a 3% mortgage rate and are reluctant to sell. ­­

Of course no one has a crystal ball, but it’s interesting to hear from real estate experts and to see what they predict for the rest of 2024.

Daryl Hagler cites research demonstrating that stricter environmental regulations and sustainable practices, while important and positive, have increased project costs. On top of this, supply chain disruptions also cause project delays and higher rates. Industry professionals must continue to be strategic and creative in their approach to the 2024 market.

Rick Sharga expresses optimism in Altos Research’s study, which showed that there has been a price reduction among 35% of listed properties, a higher percentage than last year. While this may not inevitably point to a nationwide price drop, it could be viewed as moving in that direction.

Dave Liniger explains that the high mortgage rates unquestionably impact buyer behavior. Home prices continue rising with high demand and low supply, and Lininger expects that as soon as interest rates drop, there will be another “boom and bust cycle.”

The 2024 real estate market is complex for both buyers and sellers. While acknowledging the frustrations that accompany this challenging time, experts from Rick Sharga and Dave Liniger to Daryl Hagler remain optimistic that housing prices and mortgage rates will drop with the growing recognition that housing inventory must increase to stabilize prices.