- The 2023 housing market was dominated by the "mortgage rate lock-in effect."
- Local realtor Amanda Furman sees a positive shift in 2024 as interest rates begin to fall, making it a better time for buyers.
- Despite challenges, both realtor Furman and hopeful buyers, the Szebeni’s, express confidence in a revitalized housing market.
(The following is a transcription of the full broadcast story)
If I had to summarize the 2023 housing market in just a few words, it’d be “mortgage rate lock-in effect” – a phenomenon that brought the industry to a standstill, putting pressure on everything from inventory to home sales. But where does that leave us in 2024? I’m Olivia Acree, your Appleton neighborhood reporter. I talked to a realtor and home buyers about what they expect for this year.
Several factors have made it harder to shop for a home, including the so-called "mortgage lock-in effect." Owners who want to buy a different home stay put, afraid of the higher rates. But local realtor Amanda Furman says the market is looking up for buyers.
“It's starting to pick back up because interest rates are starting to fall. I think the people that buy now between now and March 1st are going to be very happy they did,” said Furman.
Furman says on top of interest rates in 2023, we saw low supply and high demand driving up prices.
“Although rates are supposed to go down three times next year that's when all the buyers are going to come out,” said Furman.
Not only that, but inflation caused renovation to become more expensive. So, Furman says even homes like this:
“This new construction home located in the Kimberly school district is listed for $454,000,” said Furman.
Became an option for some.
Local couple, Christopher and Rebecca Szebeni, have been dealing with all these problems as they look to buy.
“We're noticing not a ton on the market,” said the Szebeni’s.
The couple has been looking for a lakefront home for a year and a half.
“Some of it is price some we see that just seem outrageous for what they're asking the Szebeni’s.
But that doesn't scare the Szebenis away from the market ... and they know ... like Furman ... things may be turning around ...
“Home is where the heart is, I guess I mean, we just find it super important to have an environment that is obviously safe, welcoming, having space for us the Szebenis.
Both Furman and the Szebenis are confident that 2024 is their year to find their new home.
