2024 is predicted to be great for homebuyers

TYLER – Officials said the effects of inflation are beginning to dwindle in the market. This year’s chair for the Greater Tyler Association of Realtors, Shannon Franzen, said inventory is up in most counties surrounding Tyler. According to our news partner KETK in previous years, there was only a 1 month supply of homes. This number tells you how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume. “We’re at a 4.4, so it’s just in a much healthier place,” Franzen said. On top of that, interest rates are lower now than they were in 2023, and Franzen said they could get even lower this year.

“We had a jump, it went up in the 7’s and 8’s in July, August, late summer…interest rates have kind of settled right now in the 6’s,” she explained. Franzen says there could be a new projection this year. “So there is also a prediction that there is a pent-up demand and that going into this first quarter, if interest rates drop some, those buyers that have been waiting can jump back into the market and really get things moving again,” Franzen said. She encourages residents to use a local realtor to find the best lenders.