neighborhood of single family homes real estate

2023 brought record-high home prices and mortgage rates, and discouragingly low inventory. Fortunately for buyers and renters, 2024 looks to offer relief across the board. Read on to learn about what to expect and how to prepare for the year ahead.

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Single-Family Rentals Will Increase in Demand

couple holding their keys and smiling in front of their rental home

The last few years of steep increases in housing costs have priced out many first-time homebuyers. Would-be buyers still crave the amenities a house offers, such as more space, privacy, and prime family-friendly neighborhoods. According to Zillow economists, single-family rental homes are predicted to be the new starter homes as families and individuals adapt to renting longer.

Pathlight is an excellent option for renters interested in the perks and peace of mind of renting a home. With a national selection of carefully curated, quality pet-friendly homes, Pathlight makes it easy to find your dream rental home.

The Housing Supply Will Increase

homebuyer contract with keys, a pen, and model house on top

Though 2023 saw a year of historically low inventory, prospective buyers can expect an increase in options. The National Association of REALTORS forecasts that home sales will rise by 13.5% in 2024. This is partly thanks to market conditions and the lending environment continuing to improve.

Mortgage rates are anticipated to decrease to an average of 6.3%, down from last year’s high of over 8%. Lower rates empower buyers to increase their approved loan amount while enjoying a low monthly payment. To learn more about mortgage loans, click here.

Technology Will Enhance the Home Search

man using his computer to view available listings and apply

Technology has become a game changer in the real estate industry. The homebuying and renting process is now more accessible through automation, personalization, and self-service. Experts expect an increase in products like smart homes, digital property management, and self-guided tours.

Home Partners and Pathlight understand the convenience technology offers and include the internet in their process. Using a computer or mobile phone, prospects can browse available properties and smart homes, schedule a self-guided tour, and submit an application to Pathlight. Plus, the My Pathlight mobile app is the best resource for completing tasks before and during residency.

Home Partners has also streamlined the application and home browsing process to be completed online. Plus, agents can take advantage of HPA’s technology by signing up for a free Agent Portal on HomePartners.com. On the portal, agents access exclusive trainings, marketing materials, and important announcements.

Think Home Partners may be right for you? Click here to make a FREE Applicant Portal to apply!

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