Navigating the Real Estate Rollercoaster: A Recap of 2023 and Insights for 2024

Smart Homebuying Podcast: Formally knows as The First Time Home Buyer Podcast

Introduction

Hello and welcome back to The First Time Home Buyer Podcast! I'm thrilled to be back with you for a brand new season. It's been a while, and I appreciate your patience. Today, we have a special episode in store for you as we catch up on what's been happening in my life and the real estate world.

My Story: Making Home Buying Easier

In the last four years, my story has been all about making buying a home easier. I went through a tough time buying my own home in New York City – it was super confusing and stressful. The professionals I worked with weren't the best, and I felt clueless and embarrassed.

That's when I decided to create The First Time Home Buyer Podcast and HomeFlow, an all-in-one platform to help people buy homes.

Techstars Experience: Pivoting to Help Employees

Over the past year, I got involved with Techstars, which was an incredible experience. I made a big change with HomeFlow, deciding to sell the solution directly to companies and their employees. This shift aimed at making the dream of owning a home come true for employees while keeping companies and their workforce happy.

However, after a few months, I realized it would take too long to make deals with companies. So, after some thinking, I decided to go back to helping home buyers directly by creating educational content and restarting the podcast.

Real Estate Market Overview for 2023: A Tough Year

In simpler terms, 2023 was a tough year for both buying and selling homes. Here's a snapshot:

1. Home Prices Went Up: The average price in the U.S. increased from $407,000 in 2022 to $409,000 in 2023.
2. Rent Was High: Rent prices peaked at $2,050 in August, leading more people to consider buying despite challenges.
3. High Mortgage Rates: Interest rates went above 8%, making mortgages more expensive.
4. Low Inventory: Fewer homes for sale due to high mortgage rates and low construction.
5. Inflation: Peaked at 6.6% year over year in February, influencing the housing market.
6. Homes Took Longer to Sell: Average days on the market increased to 37.
7. Price Drops: 15.3% of listings experienced price drops.
8. Cash Purchases: Nearly 33% of homes were purchased with all cash.
9. Less Competition: Bidding wars decreased with rising mortgage rates.
10. Fewer Investor Purchases: Investor purchases dropped by a record 48.6%.

NAR Challenges and Lawsuits: Changing the Game

In addition to market challenges, the NAR (National Association of Realtors) faced lawsuits, potentially changing the way agents get paid. The key impacts include potential changes in agent commissions, impact on costs, transparency and consumer trust, potential new fee structures, uncertainty in the market, shift towards transparency, possibility of more consumer-friendly practices, and exploration of alternative options.

What to Expect for 2024 and Tips to Navigate the Market

• Low inventory means sellers have the upper hand.
• Mortgage rates, although down from their peak, remain high.
• House prices are still high with no signs of decreasing.
• Potential market spur if rates drop further in 2024.

Personal Recommendations

• Don’t buy until interest rates go down, and if you do, ensure you can refinance and cover new costs.

Why I Restarted the Podcast

"Now, you might be wondering why I decided to restart the podcast. Well, despite the challenges, I believe in the importance of providing you with valuable information, especially during these uncertain times. I'm committed to supporting you, the first-time home buyers, and guiding you through the changes in the real estate market."

What to Expect in Season 2

• More interviews with the best real estate professionals, journalists, technology founders, all supporting home buyers.

Closing

• Thank you for being part of The First Time Home Buyer Podcast family. Your support means the world to me, and I'm looking forward to an amazing season ahead.
• Connect with us, subscribe to our new YouTube channel, and share the podcast. Until next time, take care and happy home hunting!

➡️ Referrals ⭐ Get a Referral to a Top Mortgage Lender or Realtor - http://lauramoreno.com/referral

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➡️ Ready to Buy Your First House? Watch these videos in my YouTube playlist ⭐ How to buy a house: https://www.youtube.com/playlist?list=PLxnn3zGLexPTtB133pCjCtD-M40KrIs7T

➡️ Social Media ⭐ Instagram: https://www.instagram.com/iamlauramoreno ⭐ Twitter: https://twitter.com/iamlauramoreno ⭐ LinkedIn: https://www.linkedin.com/in/Iamlauramoreno ⭐ TikTok: https://www.tiktok.com/@iamlauramoreno

➡️ Hire Me ⭐ Speaking, Events, Podcast Interviews, Collaborations & Endorsements - [e-mail] ⭐ Schedule a 1-1 Home Buying Consultation → https://lauramoreno.com/1-1-consultation/

➡️ Contact Laura I'd love to hear from you! If you have a longer question, or if you have a business-related inquiry, please send me an email at [e-mail]. I try my best to reply to all e-mails but sometimes I do not have enough time to respond to everyone.

➡️ Join Our Smart Home Buyers Facebook Group ⭐ https://www.facebook.com/groups/thesmarthomebuyer/

➡️ Disclaimer Laura Moreno is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only. This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you.