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  • Writer's pictureHandel & Carlini

2024: Who Holds the Power in the Real Estate Market?


Handel & Carlini LLP

Multiple online sources indicate a continuous upward trajectory in home prices across New York, poised to persist until the supply-demand equilibrium undergoes a shift. As of January 2024, the inventory of available homes in NY stood lagging behind the demand from prospective buyers. This presents an opportune moment for those considering selling their properties in New York.


Following a notable decrease from a two-decade high, mortgage rates, coupled with an increase in new listings, suggest a shift in sentiment among homeowners previously hesitant due to rate locks. With the arrival of Spring 2024, a surge in property listings on the New York MLS is anticipated as more homeowners follow suit.


The rise in home listings is likely to entice sidelined homebuyers back into the market, as evidenced by a recent uptick in mortgage applications. Additionally, individuals who were unable to find affordable housing in 2023 are expected to resume their search in 2024, further driving up demand for New York properties and potentially allowing sellers to assert dominance.


However, the landscape may face competition from newly constructed properties vying for buyer attention. Incentives such as mortgage buydowns offered by home builders in 2023 have already swayed buyers towards new constructions, a trend likely to continue into 2024, potentially leading to competitive scenarios between sellers and builders.

The influx of listings from new constructions, baby boomers seeking to downsize, and motivated sellers could result in a surge of properties entering the market in 2024. For those seeking comprehensive legal services tailored to their individual needs, Handel & Carlini, LLP offers personalized attention, including detailed consultations with the managing attorney overseeing your transactions. Schedule a complimentary initial consultation with a seasoned real estate and banking attorney today.

 

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