Housing market expectations in 2024 with real estate expert Wassim Ghobrial

 

Realtor Mr. Wassim Ghobrial

Housing market expectations in 2024 with real estate expert Wassim Ghobrial

By Dr. Marian Tadrous- member of United States Press Agency

The American housing market has witnessed many changes since the Corona epidemic due to economic fluctuations and the increase in the rate of economic inflation. These changes have affected the rise in interest rates and the lack of real estate for sale, in addition to the intense competition between buyers in some areas, which prompts them to offer a price higher than the price required to obtain the property. Experts still believe there will be new changes in the housing market in 2024 that will affect both real estate buyers and sellers, so Northern Virginia real estate expert Waseem Gabriel’s perceptions of the housing market in the new year were interviewed by Dr. Marian Tadrous.

What is your vision for the current housing market?

There needs to be more homes for sale in the current housing market, which leads to few alternatives available to buyers. The interest rate is still high. The high-interest rate has affected the stagnation of purchasing activity, and the interest rate is expected to decrease, leading to a recovery. Therefore, the demand for homes will increase in the housing market. Competition among buyers will also increase due to the decrease in interest rates, which leads to an increase in home prices. The supply of homes for sale will also increase, and purchasing power will increase due to the decrease in interest rates, affecting the competition among buyers.

In your opinion, what are the most common problems facing both home buyers and sellers?

Sellers need help to sell at present. Due to the high interest rate, it is difficult for most sellers to obtain a loan from the bank to buy another house, compared to the previous interest rate they obtained to buy their previous house, which prompts some homeowners to keep the house and not offer it for sale or rent it.

As for buyers, they face the problem of high-interest rates, which increases the volume of monthly payments to repay the loan and the interest resulting from it, in addition to the need for more supply.

What areas do you encourage new buyers to invest in?

Northern Virginia is one of the most likely areas for buyers due to the increased demand for it due to the availability of high population density, educational opportunities, and high-income levels, in addition to its proximity to the American capital, all of which attract buyers.

What are your expectations for the housing market during 2024 regarding house prices and mortgage interest rates?

According to the expectations of the National Association of Realtors (NAR), the interest rate will begin to fall gradually during the first quarter of the year.

What do you advise people who want to buy real estate in 2024?

Buying real estate is the best investment, so if you have the opportunity and if you can buy a property and feel comfortable paying the monthly installments, this is the best time to buy for you, keeping in mind that you will be able to refinance the mortgage based on the lower interest rate when you have the opportunity to reduce the interest rate. Keeping your money in real estate is better than saving money in banks because the property price is always increasing compared to the cash value of the money, which decreases over time.

For more information or inquiries, contact Northern Virginia real estate expert Wassim Gabriel directly.