The chief economist of the National Association of Realtors (NAR) believes lower interest rates and sellers willing to put their homes on the market will aid the real-estate market in the coming year.
“Pent-up sellers . . . will begin to say ‘life goes on’” and give up their low-interest mortgages to move, Lawrence Yun said at a Nov. 15 NAR gathering in California. “Listings will steadily show up.”
As a result of higher inventory – and interest rates falling back from recent peaks – Yun anticipates sales of existing homes will rise nearly 14 percent from 2023.
In addition to domestic consumers coming back into the market, Yun expects home purchases from those living overseas also will increase following a COVID fall-off.
