A recent New Western study reveals a buoyant outlook for the 2024 real estate market, with 53% of residential real estate investors predicting business growth. This optimism is shared by first-time homebuyers, 55% of whom see local investors as key to solving the housing shortage.
The study, examining investor sentiment and consumer views, found that 79% of potential buyers in the past year haven’t yet purchased, suggesting a busy 2024 market. High mortgage rates and finding the right property remain significant barriers, particularly for the 30% who are first-time buyers.
More than half of these prospective buyers, including a large proportion of Millennials in suburban areas, are concerned yet hopeful about finding homes in the coming year. Investors are prioritizing profit, portfolio diversification, and affordable housing, with location being their top consideration.
Kurt Carlton, co-founder of New Western, highlights local investors’ role in reviving unlivable homes, thereby increasing market options. “Investors are turning a profit while providing much-needed residential properties,” he said.
The second half of 2023 saw a surge in investor-purchased homes, especially in markets like Houston and Atlanta. New Western’s growth was marked by a 16% increase in the West and 6.5% in the South.
Housing market experts shared insights on trends. Logan Mohtashami from HousingWire noted the bond market’s impact on housing. Robert Dietz from NAHB predicted a positive shift in home construction and supply-demand balance. Rick Palacios Jr. from John Burns Real Estate Consulting discussed the Federal Reserve’s interest rate policies.
The report, “The Flip Side: Residential Real Estate Investing Trends for 2024” is based on surveys conducted among over 1,280 real estate investors and 820 potential homebuyers.
For more details, visit New Western’s website. The company, known for making real estate investment accessible and recently named one of the Best Places to Work in 2023, continues to facilitate connections between investors and sellers, significantly influencing the housing market.
Kurt has gone from the financial lows of the ’08 financial crisis to personal financial success. He is a professional real estate investor owning properties in multiple states.
One of his passions is financial education and the pursuit of financial freedom.
You can learn more about Kurt here.