01/06/2024
Will 2024 be a better year for buyers?
This year should bring more hope for homebuyers, as pandemic-driven inflation continues to wane, mortgage rates come down, and more people list their homes for sale. These dynamics are good news for anyone who is planning to move this year!
Will home prices change?
Nationwide, we're expecting a 1% decrease in home prices over the course of 2024, though this could vary across regions. Affordable, climate-resilient metros may see price increases as more people choose to move there, while home prices in places like Florida that saw a surge of appreciation during the pandemic have more room to fall.
Will mortgage rates fall?
Mortgage rates have already begun to decline, hitting 6.7% this week. We expect rates to continue to decline throughout the year, with some volatility, but ultimately remain above the record lows we saw during the pandemic. Any sort of rate relief is welcome news for buyers, and should also help ease the hesitation we've seen with sellers, bringing new inventory to the market.
Will the market be competitive in 2024?
A modest increase in new listings paired with lower rates will bring more buyers—and more competition—to the market. We expect home sales will gain momentum as the year goes on, so if you're buying this year, it's a good idea to start your search now before competition really ramps up.
Are there other reasons to be optimistic about the housing market?
Yes! We anticipate housing affordability will become a hot topic for political candidates this election cycle, bringing some much-needed attention to policies that affect homeownership across the country. Even if policy changes happen, they're unlikely to take effect immediately, so don't let a looming election upset your plans.
Wishing you a year filled with joy and success in all your endeavors!
I'm excited, Are you!!??