Welcome back to Real Talk Realty! Today, we're thrilled to have Aubrey from Mortgages with Aubrey Borenstein joining us once again. In this episode of Real Talk Realty, Aubrey from Mortgages with Aubrey Borenstein provides valuable insights into the mortgage market for 2024. Here's a summary of the key points discussed: Interest Rate Trends: Aubrey highlights the trend of rising interest rates in 2024. While rates remain historically low, the gradual uptick has influenced borrowing costs for buyers. This has had both a dampening effect on demand and served as a stabilizing force for the market. Impact on Purchasing Power: Aubrey emphasizes how interest rates directly impact purchasing power. Higher rates mean higher monthly mortgage payments, affecting the affordability of homes. Despite this, he notes that affordability remains within reach for most buyers, given the still relatively low rates. Evolving Buyer Preferences: Aubrey discusses the shifting preferences of buyers in the post-pandemic landscape. Factors such as home office space, outdoor amenities, and proximity to essential services have gained importance, reflecting changing lifestyle needs. Supply Dynamics: The imbalance between housing supply and demand continues to be a significant factor in the market. While there has been some increase in inventory, it still falls short in many regions, leading to upward pressure on prices, albeit at a more moderate pace. Navigating the Market: Aubrey advises buyers and sellers to stay informed, adaptable, and strategic in navigating the 2024 market. While challenges exist, there are also opportunities for those who approach the market with careful consideration and planning. Overall, Aubrey's insights provide listeners with a comprehensive understanding of the mortgage market landscape in 2024, equipping them to make informed decisions in their real estate endeavours.

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