The property landscape in 2024 has sparked a significant debate: are we in a buyers or sellers market? With the dynamics of the UK property market continuously evolving, understanding where the advantage lies is crucial for anyone looking to navigate these waters. Our latest video provides an in-depth analysis of the market trends and statistics from January 2024, aiming to shed light on this pivotal question for both potential buyers and sellers.
January 2024 Property Market Trends
The beginning of 2024 has seen a continuation of the positive momentum from the previous year, with several key indicators pointing towards an active market:
- A nearly 25% increase in buyer registrations.
- Property viewings arranged by our agents surged by almost a third.
- A 20% rise in sales agreements compared to the same period last year.
These figures suggest a vibrant market, potentially leaning towards a sellers market. However, deeper insights reveal a more complex picture.
The Impact of Interest and Mortgage Rates
The recent stabilisation of interest rates and the reduction in mortgage rates have undeniably encouraged a wave of buyers to enter the market. This increased demand could typically signify a sellers market, but current conditions suggest we remain in a nuanced phase that could benefit buyers as well.
Supply and Demand Dynamics
The availability of properties for sale is a critical factor in determining market conditions. With the inventory of homes for sale being double that of 18 months ago and a 16% increase in new listings in January compared to the year before, the market is experiencing a shift. This increase in supply, especially in larger family homes, provides buyers with more options, potentially swinging the market in their favour.
Mortgage Costs and Buyer Behaviour
Despite a dip from the July 2023 peak, mortgage costs remain higher than they were two years ago, affecting buyer sensitivity to price. Zoopla's latest UK Housing Market Report highlights that around 20% of sellers have had to reduce their asking price by more than 10% to close a sale. This trend, alongside a 12% increase in price reductions in January year-on-year, signals a competitive environment where sellers are vying for buyers' attention.
Strategic Advice for Sellers in 2024
The influx of serious buyers not postponing their buying decisions presents an opportunity for sellers. Yet, achieving a sale requires realistic pricing to meet the market's demands. Despite the appearance of a sellers market, the competitive landscape and buyer sensitivity mean pricing strategy is more important than ever.
FAQs
The state's residential market reflects a seller's market with a tight inventory leading to a sale-to-list price ratio of 101.1%. This means that homes often sell for above their listing price, indicating a competitive environment for home buyers.
Is it a buyers or sellers market in the US? ›
Currently, the nation as a whole is a seller's market.
Is 2024 a good year to buy a home? ›
Buying a home this year, particularly in early 2024, might mean you're able to beat the rush, as the market could get more crowded if or when rates drop further. Waiting, however, could give you more options to choose from as supply improves, along with the potential for increased mortgage affordability.
What month is the best to sell a house? ›
Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.
What month is the best month to buy a house? ›
Is there a best month to buy a house? If you're looking to choose from a large selection of homes, April may be the best month to buy a home as many sellers add new listings at the start of spring. But it's also a competitive time to buy — if you find your dream house, get an offer in early to avoid a bidding war.
Is there a real estate bubble in 2024? ›
Is the housing market going to crash in 2024? Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.
What is the market prediction for 2024? ›
As a whole, analysts are optimistic about the outlook for stock prices in 2024. The consensus analyst price target for the S&P 500 is 5,090, suggesting roughly 8.5% upside from current levels.
Should I sell my house now or wait until 2024? ›
Best Time to Sell Your House for a Higher Price
April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.
Should I buy a house now or wait for a recession? ›
And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.
How low will mortgage rates go in 2024? ›
Mortgage rate predictions 2024
The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.
Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.
How long do most homes stay on the market? ›
Ask us a question! The median time a house is on the market in 2024, according to statistics from Fred Economic Data, is 61 days. This is the average time based on data from all 50 states. Also, the average sale price is $431,000 (Source: Motley Fool, Q3 2023 home prices).
What month are houses cheapest? ›
Winter is usually the cheapest time of year to purchase a home. Sellers are often motivated, which automatically translates into an advantage to you. Most people suspend their listings from around Thanksgiving to the New Year because they assume buyers are scarce.
What is one of the first things you should do when you are ready to buy a house? ›
1. Check your credit. Once you decide to buy a new home, the first thing you'll need to do is check your credit history. This involves pulling credit reports from each of the three credit reporting bureaus (Experian, TransUnion, and Equifax) to better understand your credit score.
What age is the best to buy a house? ›
Most first-time homebuyers make a purchase when they are 35. Buying a house at a young age can mean building equity young and getting a home paid off sooner. Purchasing a house in your 20s or earlier can also mean you feel trapped, unable to move at a moment's notice.
How much do sellers usually come down on a house? ›
The amount you may want to reduce your home's asking price depends on many factors, including the median price in your area, what comparable homes nearby are selling for and the length of time the home has been on the market. According to a Zillow study, the average price cut is 2.9 percent of the list price.
Is the US in a housing bubble? ›
The share of U.S. homeowners under serious financial strain, meanwhile, jumped slightly at the outset of this year when compared with the final months of 2023, real estate data-firm ATTOM found in a report this week. Despite these trends, experts who spoke with ABC News largely rejected fears of a housing bubble.
How many realtors have left the business in 2024? ›
However, the 85,049 agents lost between October 2022 and January of 2024, is still well below the 400,000-agent drop recorded between 2008 and 2012.
Is it selling on the market or in the market? ›
As others have pointed out 'to be in the market for (something)' means to be looking to buy a certain thing. 'To be on the market' means that something is available for sale. 'To be at the market' usually means to be inside or just outside a grocery store.
