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Quality Homes

Purchasing a first home is a milestone that comes with its share of excitement and challenges. For first-time buyers in the Midlands area of South Carolina, Gene Brazzell from M&R Realty is a beacon of expertise and support. With a deep understanding of the local real estate market, Gene ensures that his clients find quality homes in Lexington and Richland Counties. These areas are renowned for their low taxes, safe neighborhoods, and excellent schools, making them ideal for families and individuals alike.

Lifestyle and Budget

Gene Brazzell’s commitment to helping first-time buyers is evident in his personalized approach. He takes the time to understand each client’s unique needs and preferences, ensuring that the homes he recommends align perfectly with their lifestyle and budget. Whether you’re looking for a cozy starter home or a spacious family residence, Gene’s extensive knowledge of the Midlands real estate market allows him to find properties that tick all the boxes.

Low Tax Areas

One of the primary concerns for any homebuyer is finding a property in a low-tax area. Gene Brazzell’s expertise in the Midlands market includes a comprehensive understanding of the tax landscape in Lexington and Richland Counties. He helps clients navigate the complexities of property taxes, ensuring they benefit from the most favorable rates. This focus on low-tax areas allows first-time buyers to maximize their investment and enjoy financial peace of mind.

Safety and Quality of Life

Safety is another critical factor when choosing a home, especially for families. Gene Brazzell prioritizes finding homes in safe neighborhoods, giving his clients the confidence that their new home will be a secure and welcoming environment. With detailed knowledge of crime statistics and community safety initiatives, Gene ensures that first-time buyers can make informed decisions about where to settle down.

Children and Education

For families with children, access to quality education is a top priority. Gene Brazzell understands the importance of finding homes in areas with excellent schools, from kindergarten through college. The Midlands is home to some of the best educational institutions in South Carolina, and Gene’s expertise allows him to identify neighborhoods that offer superior educational opportunities. This ensures that children receive a strong foundation for their future, making the home-buying decision even more rewarding.

Neighborhoods and Communities

Lexington and Richland Counties boast a variety of neighborhoods, each with its own unique charm and amenities. Gene Brazzell’s in-depth knowledge of these areas allows him to match clients with communities that suit their lifestyle preferences. Whether you’re looking for a vibrant urban setting or a tranquil suburban retreat, Gene’s insights into the Midlands market ensure that you find the perfect neighborhood to call home.

Navigation and Support

First-time buyers often face a steep learning curve when navigating the real estate market. Gene Brazzell’s experience and dedication make the process smoother and more manageable. He provides comprehensive support throughout the home-buying journey, from initial consultation to closing. Gene’s guidance helps clients understand each step of the process, empowering them to make confident and informed decisions.

Knowledgeable Negotiation

In addition to his market expertise, Gene Brazzell is known for his strong negotiation skills. He advocates tirelessly on behalf of his clients, ensuring they receive the best possible terms and prices. This is particularly beneficial for first-time buyers, who may feel overwhelmed by the negotiation process. Gene’s ability to secure favorable deals adds significant value to the home-buying experience.

Reliable Contractor Access

Gene Brazzell’s commitment to client satisfaction extends beyond the purchase. He provides ongoing support and resources to help first-time buyers settle into their new homes and communities. From recommending reliable contractors to sharing tips on home maintenance, Gene ensures that his clients feel supported long after the sale is complete. This dedication to client care sets him apart as a trusted partner in the real estate journey.

Personalized Attention

Ultimately, Gene Brazzell’s passion for helping first-time buyers achieve their homeownership dreams is at the heart of his success. His personalized approach, deep market knowledge, and unwavering commitment to client satisfaction make him the ideal choice for anyone looking to buy a home in the Midlands area of South Carolina. With Gene’s guidance, first-time buyers can navigate the complexities of the real estate market with confidence, securing a quality home in a low-tax, safe neighborhood with excellent schools.

The usually hot summer housing market wilted last month, likely due to the continued heat of stubbornly high mortgage rates.

And that could be great news for homebuyers.

A new report by Realtor.com® found that the number of homes actively for sale in August was 3That means the number of listings is “now at its highest level since May 2020,” says Realtor.com senior economist Ralph McLaughlin in his recent analysis.

Buyers have not only more choices in general but also more bargain-friendly homes to consider. In August, 19.3% of listings saw price reductions. That’s the highest amount for an August since 2018, which is welcome news for buyers weary of sticker shock.

What does this all reveal about the state of the housing market? Buyers might be gaining the upper hand.

“A growing number of homes on the market and rising share of price cuts indicate that today’s housing market isn’t as heavily tipped toward sellers as it has been in recent years,” says Realtor.com® Chief Economist Danielle Hale.

“Sellers are increasingly showing patience and modesty—something buyers haven’t much experienced in the post-pandemic housing market,” McLaughlin adds.

Mortgage rates are expected to fall

High mortgage rates have slowed the housing market considerably over the summer months, as buyers and sellers alike pumped the brakes and bided their time in hopes that rates will fall—and they have.

Mortgage rates fell in August to their lowest level—6.35%—in 18 months on lower-than-expected job growth in July. Yet that number might not be low enough to tempt some buget-minded buyers just yet.

With “expectations that the Federal Reserve will cut rates three times this year, it’s likely that some potential buyers are sidelining themselves until rates come down further,” says McLaughlin.

6.2% higher than the year prior, marking the 10th consecutive month of growth.

Home prices declined

With price reductions up in August, median home prices fell, dropping from $439,950 in July to $429,995.

“We’ve seen more sellers listing homes for sale compared with the prior year,” says Hale. “The buildup of sellers at the same time that many buyers are pressing pause has led to a shift in market balance, and more sellers are calibrating their price to reflect this.”

But despite the overall decline in the national median list price, all prices didn’t decrease—technically.

“When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year,” says McLaughlin.

Last month, as in the previous six months, the growth in homes priced in the $200,000 to $350,000 range outpaced all other price categories, as the number of homes for sale in this range grew by 45.1% year over year, particularly in the South.

As a result, the median price per square foot increased 2.3% in August compared with the same time last year and a whopping 50.9% compared with July 2019.

Homes for sale are on the rise

Homebuyers who did dip a toe in the tepid market last month had many more homes to tour.

All four regions of the U.S. saw an increase in active home listings. Buyers looking for sunny climes were particularly in luck, with the South leading the pack at 46.0%. The West followed at 35.7%, the Midwest at 23.8%, and the Northeast at 15.1%.

 The metros with the largest increases in the number of homes for sale were Tampa, FL, at 91.1%, San Diego, at 80.1%, and Orlando, FL, at 75.7%.

Fresh listings took a dive

While overall housing stock rose, newly listed homes dropped 0.8% from last year’s levels, breaking a nine-month streak of increasing listing activity.

“There are a couple of factors driving this August slowdown in new listings activity,” says Hale.

Hale points to the volatile mortgage rates over the past few months for creating “uncertainty among potential sellers. With mortgage rates climbing from February through May, it’s likely that many homeowners who might have listed in August chose to put off preparations.”

The freshest housing choices were in the South and the West, with 4.1% and 1.7% more newly listed homes than in August 2023, respectively. Meanwhile, new listings dropped by 5.4% in the Midwest and 1.0% in the Northeast.

The metros with the largest increase in fresh listings compared with last year were Cincinnati, at 31.1%, Seattle, at 29.2%, and San Diego, at 22.5%.

However, this could all turn around soon.

“We think the sharp decrease in mortgage rates seen in mid-August could lead to an increase in listings in the coming months as lower rates begin to entice the marginal homeowner to sell,” McLaughlin explains.

Homes are still lingering on the market

Home sales were positively languid in August, with the typical home spending 53 days on the market, seven more days than the same time last year.

That’s “the slowest August in five years,” says McLaughlin. “August marks the fifth in a row where homes spent more time on the market compared with the previous year as inventory continues to grow and home sales remain sluggish.”

All this means buyers have some more breathing room when making an offer.

“The 2024 housing market has clearly been less frenzied than in prior years,” says Hale.

Julie Taylor is a writer, producer, and editor. Her work has appeared in Cosmopolitan, Redbook, and other publications.

Mortgage rates dipped this week, with the average rate for a 30-year fixed home loan going from 6.78% last week to 6.73% for the week ending Aug. 1, according to Freddie Mac.

“Mortgage rates declined to their lowest level since early February,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

While falling mortgage rates as summer winds down is very welcome news, many would-be buyers are taking a timeout, hoping for a possible larger mortgage rate cut this fall. The wait-and-see approach seems to be trickling down to all aspects of home buying and selling.

“The housing market is showing subtle signs of change this week, with new listings falling, total inventory growing, and homes spending longer on the market,” says Realtor.com® economist Joel Berner in his latest analysis.

Here’s a snapshot of the latest housing market data and what it means for homebuyers and sellers in our latest installment of “How’s the Housing Market This Week?”

The autumn mortgage rate outlook

Anticipation is running high for a substantial mortgage rate cut soon, yet Realtor.com economist Jiayi Xu advises buyers to keep their expectations in check.

“While the potential rate cut in September will be a good start to bring the rate down, subsequent drops in mortgage rates may not be as significant as many anticipated because the market is already pricing in rate cuts, and such expectation is reflected by recent rate drops,” says Xu.

In other words, without a meaty rate cut, the needle might not truly move on a housing market largely stuck in neutral due to the “lock-in effect,” says Berner.

Indeed, according to a recent analysis from Realtor.com, 86% of outstanding mortgage debt has a rate of sub-6%, and more than three-quarters have a rate of 5% or lower.

Xu thinks this could mean the housing market may remain sluggish.

Home prices fell slightly

The median listing price dipped in the week ending July 27, falling 0.2% year over year, marking 27 consecutive weeks of annual price growth below 1%. (The national median list price was $445,000 in July.)

This slump is shaped in part by a change to the mix of listings on the market as the price per square foot grows and the size of homes on the market decreases.

“As home prices hover at or near record highs, affordability continues to be the top challenge,” Xu says.

As a result, homebuyers looking for an affordable home may meet their needs with one of the smaller homes that’s currently available.

If mortgage rates fall and more sellers may list properties, more listing price cuts could also be on the way.

The number of homes for sale decreased

New listings were down by 2.3% for the week ending July 27 compared with the year prior. This dip comes after fresh listings rose for 15 of the past 17 weeks.

“Potential sellers are not seeing the price increases they hope for in the market and are choosing not to list their homes for sale,” says Berner.

Even though new listings were indeed down, the total number of houses for sale increased by 37.1% year over year in the week ending July 27. This marks a 38-week streak of growing for-sale homes compared with a year ago.

The pace of the market continues to slow

Homes spent five days more on the market for the week ending July 27 compared with this time last year. (The typical home spent 50 days on the market in July.)

Continued high prices and high mortgage rates have forced sellers to wait longer to complete their home sales.

“This summer’s slowdown has continued, as each of the past 12 weeks has seen homes sitting on the market longer than they did in the previous year,” says Berner.

While homes are selling at a slower pace recently, they are still selling faster than they were in the years before COVID-19, so homebuyers who see a great home should not wait too long to make an offer. Those who choose to wait to enter the market have reason to remain optimistic.

“With broader economic indicators remaining strong, there is hope that mortgage prices will soon fall and breathe life into the currently slow market,” Berner explains.

Julie Taylor is a writer, producer, and editor. Her work has appeared in Cosmopolitan, Redbook, and other publications.

By Lisa Marie Conklin

Nov 16, 2023

Homeowners often love to humble-brag about various aspects of their abode, from the size of their primary suite to just how many cars can fit in their garage.

But the latest boast has nothing to do with square footage and everything to do with numbers—today’s homeowners like to boast their look-how-lucky-I-got low mortgage rates.

If you missed out on the friendly mortgage rates your friends or family nailed down buying homes during the COVID-19 pandemic, join the club. Homebuyers today are feeling mortgage envy in a big way as interest rates surge to new heights.

Here’s how to deal with those who feel the need to flaunt their low mortgage rates (and how to get a rate you’ll want to show off).

Mortgage rate envy, explained

Many lucky homeowners snagged a rate of 2.65% in January 2021, but hearing about it will likely grate on the nerves of today’s buyers facing a current 23-year high of 7.57%.

Jealousy is human nature, after all.

“Envy often stems from issues related to self-worth, identity, and unmet desires or needs,” says William Schroeder, counselor and co-owner at Just Mind in Austin, TX. “How mortgage envy relates to this situation is pretty clear: The person who gets the house at a better deal is perceived as to be envied.”

In other words, your needs remain unmet while someone else’s are fulfilled.

Owners and buyers are green-ish with envy

No one will throw shade if you feel bitter that your pals scooped up a 3.5% interest rate just last year when you’re looking down the barrel at a rate twice as high.

“I absolutely have mortgage rate envy for the people who bought homes anytime before 2022,” says Carter Seuthe, CEO of Credit Summit. Seuthe’s been house shopping for a year and, to make matters worse, was outbid on two offers.

“It is easy to allow situations like this to go into a ‘compare and despair’ cycle,” says Schroeder. “We have such an abundance of data and social media tools that highlight obvious points of comparison.”

Jake Hill, CEO of DebtHammer, was on the compare and despair ride when he first learned of his friend’s variable rate.

“The introductory rate was so much lower than mine, and I almost felt like I had made a mistake choosing a fixed-rate loan,” says Hill. “However, I reminded myself that, in time, that variable rate will balance out, and their mortgage choice won’t look like such a steal.”

How to deal with a mortgage bragger

Feeling jealous of someone else’s good fortune is one thing, but when someone knows you’re house shopping and goes on (and on) about their low interest rate, it rubs salt into the wound.

“Normally, when this comes up, it’s a sign a person is looking for confirmation of self-worth,” says Schroeder. “Very often, this is rooted in an insecurity of some sort as they are trying to boost themselves up and show some superiority.”

Humble braggers might expect a high-five for their perceived shrewd wisdom and perfect timing in conquering the housing market. But it’s OK if you can barely muster up enthusiasm to congratulate them.

And Schroeder notes that not all boasting comes from a negative place. Instead, the need to show prowess might be cultural.

“Maybe someone comes from a specific background that rewards financial savvy or thrift,” says Schroeder.

How lenders deal with mortgage rate envy

So, who hears about mortgage rate envy the most? Mortgage lenders!

“We often find clients coming to us with stories of how their friends or family managed to secure lower interest rates on their mortgages,” says Alex Shekhtman, CEO and founder of LBC Mortgage in Los Angeles.

He recently had a client who was disheartened when she found out a relative had snagged a lower interest rate for their new home.

“She felt like she was missing out on something great,” says Shekhtman.

Tips to get a lower interest rate

The good news for buyers with mortgage rate envy is that lenders might be able to turn those understandably sour grapes into something less bitter.

Shekhtman’s client worked to improve her financial profile and qualified for a better rate. Here are his suggestions on how you can nab a lower interest rate.

Boost your credit score: “Lenders often reward borrowers with higher credit scores by offering more favorable rates,” says Shekhtman.

Compare multiple mortgage rate offers: “By comparing multiple offers, you increase your chances of finding a rate that aligns with your financial goals,” explains Shekhtman.

Make a bigger down payment: Putting down a chunk of change might be rewarded with a lower interest rate by a lender. Also, some FHA programs offer rates that are lower than conventional loans and with only a 3.5% down payment.

Buy mortgage points: “Some lenders let you buy mortgage points, which means you prepay interest upfront in exchange for a lower interest rate for the whole loan term,” says Shekhtman. Do the math and determine if buying points makes sense in the long run.

It’s OK to (quietly) have mortgage rate pride

John Kennelly, founder of F3 Collective in Dallas, refinanced his original 4.25% mortgage from 2019 to a 3% rate in August 2020.

But he doesn’t shout it from the rooftops.

“We do our best not to reveal our rate to friends buying a home right now,” says Kennelly. “We feel for friends who need to buy a new home right now.”

Though Kennelly does admit a private sense of pride: “My wife and I always share a wry smile for how lucky we are to have capitalized on the low rates during COVID.”

Lisa Marie Conklin knows a little something about moving. She’s moved eight times in the past 10 years but currently calls Baltimore home. She writes for Reader’s Digest, Family Handyman, The Healthy, Taste of Home, and MSN.

By Clare Trapasso

Dec 4, 2023

Everyone seems to know someone who knows someone who hit the real estate jackpot: lucky folks who bought a home for a relative pittance back when prices were low and then sold it a few years later for a windfall.

So where are the next hot spots to buy a home?

While it’s nearly impossible to time the housing market, certain parts of the country are expected to fare better than others this coming year, according to the Realtor.com® 2024 forecast.

In this forecast, Realtor.com identified the real estate markets where home sales prices are anticipated to grow, even as they dip nationally. The number of existing-home sales in these places is also expected to surge, despite remaining mostly flat in much of the rest of the country.

The top 10 markets in 2024 “have been more steady,” says Realtor.com Chief Economist Danielle Hale. “They haven’t seen the big price and sales booms we’ve seen in other parts of the country, which helps them to stand out now.”

The Realtor.com economics team predicted home sales prices as well as the number of existing-home sales, which excluded new construction, in the 100 largest metropolitan areas.

Ironically, two of the nation’s most expensive states claimed seven of the top 10 spots. Half were on the West Coast, in notoriously pricey California, with two in Massachusetts.

That might come as a surprise as homebuyers have increasingly been seeking out pockets of affordability as mortgage rates spiked and home prices have remained historically high. Those high costs resulted in a rough year for the Golden State housing market. As it became even more unaffordable to purchase a home in California, prices slumped in many areas and sales dried up.

Many of these Southern California markets are expected to rebound in 2024. As mortgage rates are predicted to fall in the year ahead, it will bring more buyers into the market who are expected to bid up prices. Equally important will be the additional sellers who are likelier to put their homes up for sale, boosting inventory, as they become more confident they can find new ones. That will result in more sales.

The Massachusetts metros are smaller, more affordable places that might make sense for those who work locally or are commuting less to larger, more expensive cities like Boston.

“As people have more remote work, they are willing to live farther away from the office,” says Hale.

The wild card in these top market predictions is mortgage rates. If rates shoot back up again or refuse to retreat to the mid-6% range, many California markets might not see the price and sales growth that Realtor.com has anticipated.

“Seeing mortgage rates come back will be enough to kick-start buyer demand,” says Hale.

Let’s check out the top housing markets of 2024:

1. Toledo, OH

November median home list price: $200,000
Forecasted 2024 home sales price change: 8.3%
Forecasted 2024 home sales change: 14%

When most folks think about America’s top real estate markets, Toledo might not be their first pick. The Rust Belt city, about an hour southwest of Detroit on the banks of Lake Erie, has seen its share of troubles over the past few decades.

However, the Toledo housing market has remained largely balanced over the past few crazy years. Prices have stayed low, at less than half of the national median price of $420,000 in November.

“It’s less prone to the wild swings we’ve seen in other markets,” says Hale. “The highs weren’t as high and the lows weren’t as low—so that’s one of the reasons they’re going to start to recover first.”

There has been an influx of new buyers in search of affordable homes here, says local real estate agent Rick Turner, of Key Realty. There have also been plenty of investors buying fixer-uppers, renovating them, and then renting out those properties, although they’ve been pulling back a bit recently.

“We’re seeing fewer people who are applying for mortgages right now,” Turner says.

Those looking for entry-level homes in the suburbs can find them in the $250,000 to $300,000 range in places such as Sylvania, OH, and Holland, OH. Buyers searching within the city limits can still score a starter home for about $160,000.

2. Oxnard, CA

November median home list price: $1,037,000
Forecasted 2024 home sales price change: 3.3%
Forecasted 2024 home sales change: 18%

About an hour north of Los Angeles on the coast is Oxnard, an agricultural area known for its picturesque beaches, which include the communities of Thousand Oaks and Ventura.

The area is a cheaper alternative to Los Angeles, where homes have a $1.15 million median price tag—but that gap is closing quickly. List prices in the metro were up 22% in October compared with a year earlier, and homes are selling quicker than in 2022.

Many of the homes in this market are ranch-style, although there are multilevel homes near the water as well as plenty of condos and a smattering of townhomes.

This single-level, four-bedroom, two-bathroom house is on the market for $735,000. Buyers looking for a deal can check out this three-bedroom, three-bathroom condo in downtown Oxnard for $565,000.

3. Rochester, NY

November median home list price: $239,000
Forecasted 2024 home sales price change: 10.4%
Forecasted 2024 home sales change: 6.2%

Rochester has emerged as a real estate destination thanks to the area’s low home prices and scenic location on Lake Ontario, upstate in New York on the Canadian border. The metro has become a stalwart of the Realtor.com hottest markets list since 2022.

The Rust Belt city, the headquarters of former corporate titan Kodak, struggled over the decades but was awarded $10 million last year for revitalization projects downtown.

The local housing market is dominated by single-family homes on the resale market, but buyers can find townhomes and new construction.

There is this three-bedroom, two-bathroom Colonial on more than an acre of land for just under $250,000. Buyers can also snap up this recently renovated three-bedroom, 1.5-bath house for nearly $175,000.

4. San Diego, CA

November median home list price: $995,000
Forecasted 2024 home sales price change: 5.4%
Forecasted 2024 home sales change: 11%

The inclusion of San Diego on this list might be a head-scratcher. The desirable Southern California city, close to the U.S.-Mexico border, is renowned for its warm weather, miles of beautiful beaches, and the San Diego Zoo.

The metro was smacked hard by surging mortgage rates, which, along with the high home prices, made the area financially untenable for many buyers. Many home sellers were forced to slash their prices and homes sat on the market for longer until the market began turning around this year.

Mortgage broker Julie Aragon, of Aragon Lending, is seeing buyers trade Los Angeles for San Diego, where they can find larger homes in good school districts for less money.

“The bigger houses, there is still a lot of demand for those,” says Aragon.

This newly renovated four-bedroom, three-bathroom house is on the market for about $970,000. Buyers on a tighter budget can tour this one-bedroom condo in the Mission Valley neighborhood for $435,000.

5. Riverside, CA

November median home list price: $585,000
Forecasted 2024 home sales price change: 2%
Forecasted 2024 home sales change: 13.8%

Riverside, an area known for its citrus groves about an hour inland from Los Angeles, continues to attract homebuyers from pricier parts of the state. But there is little for them to purchase.

“Our issue this year has been lack of properties put on the market,” says real estate broker Doug Shepherd, of Better Homes and Gardens Real Estate Champions. “No one is selling.”

Roughly 50% to 60% of his clients are chasing affordability from Los Angeles, where the median home price is nearly double that of Riverside, and other areas in Southern California.

“Even at these interest rates, we’re still affordable” to these buyers, Shepherd says. “If we can put more homes on the market, we’ll have more sales. Demand is there.”

6. Bakersfield, CA

November median home list price: $385,000
Forecasted 2024 home sales price change: 2.3%
Forecasted 2024 home sales change: 13.4%

Bakersfield is another agricultural area that’s been catching the interest of Los Angelenos as well as remote workers seeking more affordable real estate. The city is inland, about two hours north of the larger city.

“Affordability has always been the biggest draw,” says real estate agent William Gordon, of the Gordon Team Realty. As mortgage rates have dipped recently into the lower 7% range, he’s seen a slight uptick in housing market activity.

“I do see a pretty strong spring coming as long as rates keep dropping,” he adds.

This four-bedroom, two-bathroom home with an in-ground pool, covered patio area, and chicken coops is on the market for $399,000. There are also plenty of newly constructed houses for sale between $500,000 and $700,000.

7. Springfield, MA

November median home list price: $350,000
Forecasted 2024 home sales price change: 4.2%
Forecasted 2024 home sales change: 10.5%

Springfield might be an unusual pick for a national top markets list. But this city, the birthplace of beloved author Dr. Seuss, is luring homebuyers with its affordable home prices and low unemployment.

The metro is about 90 minutes west of Boston on the Connecticut River, with home prices less than half of the larger metro’s median of $837,000, according to Realtor.com list price data in October. And that’s after home prices have steadily risen in the Springfield area since mid-2022.

This three-bedroom, 1.5-bathroom brick house with an in-ground pool is $375,000. Those looking for something a bit cheaper and in need of less maintenance can give this two-bedroom, two-bathroom condo with a balcony a look.

8. Worcester, MA

November median home list price: $475,000
Forecasted 2024 home sales price change: 4.8%
Forecasted 2024 home sales change: 9.1%

Similar to Springfield, Worcester has long been a cheaper alternative to Boston. The larger city is only about an hour’s drive to the east.

However, the additional demand for homes in the Worcester area has pushed median home list prices up 42% in just four years, according to Realtor.com October data. And that’s still a major bargain compared with Boston’s prices. That helps to explain why the metro was also named one of the top markets of 2023 by Realtor.com.

The buyers braving the Worcester market are a mix of Bostonians, investors, and locals who can afford the higher prices and mortgage rates, says real estate broker Nick McNeil, of McNeil Real Estate.

“The market obviously is hot, but it is cooling down,” he says. That’s due to today’s buyers facing expensive, monthly mortgage payments and a lack of homes for sale. “I’ve got 20 people here I could probably call and we could list their house tomorrow. But then they’ve got nowhere to go.”

If rates dip into the 6% range, as Realtor.com economists forecast, many sellers and buyers will be nudged off the sidelines, McNeil says. That additional competition will heat the market, pushing prices up even more.

9. Grand Rapids, MI

November median home list price: $390,000
Forecasted 2024 home sales price change: 7.2%
Forecasted 2024 home sales change: 6.1%

Known for its brewery scene and role in producing office furniture (something the city touts), Grand Rapids is another city that’s seen high home price growth during the COVID-19 pandemic. And prices in Grand Rapids, just east of Lake Michigan, keep notching up.

However, the pervasive lack of homes is stymying the market.

“There are still plenty of people who would purchase if there were homes available,” says real estate broker Steve Volkers, of Five Star Real Estate. “That’s more the issue than the interest rates.”

There are still people moving into the area, many of whom are baby boomers wanting to be closer to family or folks moving in from the other side of the state.

“Before they could buy a lot bigger of a house because interest rates were low,” says Volkers. “But now, they’re just adjusting and finding something within their … budget because they still want to be homeowners.”

This three-bedroom, three-bathroom brick house on a quarter of an acre is on the market for $499,000.

10. Los Angeles

November median home list price: $1,150,000
Forecasted 2024 home sales price change: 3.5%
Forecasted 2024 home sales change: 9.2%

The Los Angeles housing market took a beating as mortgage rates spiked. Prices slipped or grew very modestly, homes took longer to sell, and many sellers had to cut prices.

However, the market has been rebounding in recent months.

“A lot of our clients are just realizing that, after a year and a half of [higher mortgage rates], these are the rates,” says mortgage broker Aragon.

The problem: There aren’t enough homes to go around. Once rates fall, Aragon anticipates more buyers will jump into the market and the bidding wars will ratchet up.

“It’s going to get more competitive,” she says. “I expect prices to go up a lot.”

Clare Trapasso is the executive news editor of Realtor.com. She was previously a reporter for the Associated Press, the New York Daily News, and a Financial Times publication. She also taught journalism courses at several New York City colleges. Email clare.trapasso@realtor.com or follow @claretrap on X (formerly Twitter).

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