New year, new house — maybe not for everyone, but if you’re thinking of buying or selling a house this year, here are some tips to keep in mind. Editor Kellina sat down with real estate agent Ramon Lomeli with eXp Realty on housing market predictions this year.
How do you think people moving to Winston-Salem will change the pricing of houses on the market?
I think that our local market here is going to experience a lot more people coming to the area, and it’s going to be a lot busier. I think that Winston-Salem is getting a lot of transplants that are getting priced out of Raleigh, Charlotte. Generally speaking, they’re looking to come here and raise a family and things of that nature. Prices would go up whether or not out-of-towners were coming here. It’s kind of an unfortunate part of reality: every city that was a small town at some point grew. It’s something that we can’t really control.
What advice do you have for people looking to buy a house?
Buy when there are way more options than you would ever need. It’s crucial to check your needs first. You want to make sure that you’re buying a house because you like it, not because of interest rates, because it’s a permanent home. A lot of times your life priorities are more important than what the market is doing.
What advice do you have for people looking to sell a house?
Sell when there’s a very limited amount of homes on the market is the best answer. So whenever interest rates are high, less people are looking to buy, but that also means less competition. Make sure to take professional pictures of your home if you’re looking to place it on the market because first impressions go a long way. If you’re looking on when it’s favorable to dip your toes in the real estate market, be plugged into a good realtor in the area.
Atwell Ford, another real estate agency based in Winston-Salem, dropped its 2024 predictions for the housing market. Here’s what to look out for:
- The likelihood of a housing market crash (a rapid drop in home prices due to waning demand) remains low.
- Home prices are projected to continue increasing, but the spike observed in 2023 is not expected.
- Low inventory of houses for sale will continue to create an increased demand on the market.
- Falling interest rates will likely attract both more buyers and sellers.
- New homes continue to be favorable on the market.