What to Watch for in the 2024 Real Estate Market

Realtor Raquel Rae

Lighthouse Realty | Ludington

The cost of single-family homes. “In the market, single-family homes in central locations remain at the top of the priority list for those who want to move. Most of the homes that are still highest in demand are three-bedroom, two-bath homes that are in move in–ready shape. A large majority of buyers who are serious about their search and pre-qualified are those with federally subsidized loans like FHA, RD or VA. For these loans to finance, the big-ticket items within a home need to be in good working order, such as the roof, furnace, water heater, foundation, flooring, windows and electrical. Although this may not sound like a hard list to fulfill, due to demand, many of these homes have increased in price between $275,000–$425,000. With 3.5% down, this lands monthly payments between $2,400–$3,600 per month, demanding an income of roughly $85,000–$140,000 per year.”

…and how state-funded grants can help. “I would highlight that a lot of local municipalities, Ludington included, are applying for state-funded grants and working with community development partners to update single-family homes. The intention of these grants is to help maintain roofing, furnaces, energy-efficient windows and supplement additions if necessary. If successful, this will help to create more quality living situations for current residents and increase value and finance-ability for future sales.”