The number of home sales in 2023 was reported as around 4.1 million, the lowest in 30 years, about 33% fewer than the 6.1 million homes reportedly sold in 2021.

The average number of sales in 2024 for the three forecasts above is 5.1 million, which, if reached, is about a 25% INCREASE from last year's total. Not included in the forecast poll above was Zillow, which is predicting only 3.74 million home sales in 2024, a 9% drop from 2023's total and a new 30-year low for sales.

About a year ago, many social media gurus predicted the 2023 real estate market would fall off a cliff.

However, five of the six professional organizations I posted about at the time predicted that in 2023 median prices would go up slightly, on average about a 1.8% increase. The National Association of Realtors recently reported that national home prices went up 4% in 2023.

This year, six of the eight organizations above are forecasting prices to go up in 2024, and only two are seeing a modest decrease. The average change for all eight is 1.5% up.

However, some still see doom and gloom for the real estate market, such as Harry Dent, an author who has used demographics to predict booms and busts and expects the 2024 real estate market to go down 50% (and the stock market -86%).

In the last quarter of 2023, the Federal National Mortgage Association, the Mortgage Bankes Association and the National Association of Realtors weren't forecasting much a change in our high interest for the first half of 2024. THE BEST INTEREST RATES were forecasted to be October through December 2024, when on average the gurus projected a 6.5% mortgage interest rate. Then, in December 2023, the FED gave some good news in the fight against inflation, rates ticked down to just about 6.5%. So, the expert prognosticators changed their forecasts and the ones at FNMA recently predicted rates to be unde 6% in 2024 Q4. ....But before you get too excited about cheaper rates, PLEASE REMEMBER THE FIRST RULE OF PREDICTING INTEREST RATES!

This Worcester three-family gets $61,200 a year in rents and was recently listed for $699,000

Look at the AMAZING APPRECIATION of Fall River three-family homes. Today, Fall River's median sale price is more than THREE TIMES the median of its 2015 sales. Incredible!

For investors, the return gets even better because they buy real estate with leverage, often putting down only 25% of their own money and using a bank to finance the other 75%. If investors had purchased the median-priced 2015 three-family in Fall River with 25% down, they would have put $43,125 into the property and realized an appreciation of $366,200. In other words, the appreciation was more than 8X their initial investment. Double incredible!

But the numbers could get even better. If someone bought a 2015 Fall River median-priced three-family and planned to live in the property for at least a year, they would have been eligible to get financing with just 3.5% down (FHA). So, for a $172,500 property, their investment would be just $6,038. Their $6,038 investment would have appreciated by $366,200, which would be more than 60X their original investment.

A while back, I did this short video on how Fall River was one of the markets thriving during COVID.

See the details of Every Triple-Decker Sold in 2023 by Clicking the Markets in the Links below

(Click the links below)

* Buy with 3.5 Down (FHA) or 5% Down (FNMA)

* Use 75% of the rental income toward qualifying for the loan. (FHA and FNMA)

* Be introduced to loans where the property is scrutinized more than the borrower (DSC)

Three Buildable Lots in PRECINCT ONE, Dedham (Off Market)

Three lots, roughly one to two acres each, are available in a luxury area in the northwest corner of Dedham, towards Westwood and Needham. Homes in the vicinity have sold for as high as $1.675 to $2.7 million.

Buy one, two, or all three lots.

Price of three: $1,200,000

Hit return or contact me for details. David Bates - (617)413-6345

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