Housing Market Predictions for 2024: What Homebuyers Should Know
The housing market in 2024 is poised for some exciting shifts, offering both opportunities and challenges for prospective homebuyers --particularly with mortgage rates.
The good news? They're on a downward trajectory.
Let's break it down...
First off, let’s talk mortgage rates.
Remember how they were sky-high in 2023? Well, the good news is they’ve decided to chill. After teasing us with those eye-watering rates, they’re finally on the decline. Thanks to some economic slowdown and better news on the inflation front, the Federal Reserve might just give us some rate cuts.
That’s made 10-year Treasury yields drop and dragged mortgage rates below 7%. Yep, you heard that right – a little breather after that rollercoaster ride!
While rates are heading south, they won’t be hitting rock bottom like we saw in the past. Predictions are all over the map, with guesses ranging from just below 7.5% to around 6.3%. So, it's looking good, but don't hold out for those crazy low rates just yet!
Now, let’s talk about more houses on the block.
Last year, sellers were hoarding their homes, afraid of losing out on those sweet low rates. But guess what? Things are looking up!
Experts predict a possible 30% bump in available homes this year. Why? Well, homeowners who snagged their homes with rates in the 5% and 6% range are getting used to the idea that rates might not sink much lower. That means more “For Sale” signs popping up!
But prices aren’t taking a nosedive --they’re holding steady.
There’s still a big gap between what’s up for grabs and what people want, which keeps those prices up.
The 2024 housing market is shaping up to be a mix of good news and steady vibes.
With rates cooling down, more houses hitting the market, and prices keeping their cool, it might just be the perfect time to start scouting for that dream home!
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