02/07/2024
According to Forbes, you'll want to be mindful of the following: Mortgage Rates: In 2024, mortgage rates are expected to remain elevated, but there might be some relief compared to 2023. The average 30-year fixed rate is currently around 6.69%1. While this is still high, it’s an improvement from previous months.
Home Prices: Home prices have been stubbornly high, making it challenging for many first-time buyers. In 2023, median home prices were above $400,0001. However, experts predict that in certain areas, prices may soften in 2024. So, there’s hope for more affordable options.
Federal Reserve and Interest Rates: Economists believe that the Federal Reserve won’t continue raising interest rates to combat inflation. This indirectly affects mortgage rates. However, affordability challenges will persist, especially due to pent-up demand and low inventory.
Inventory: To improve affordability, we need more homes available for sale. If inventory increases, it could ease the upward pressure on prices. Currently, resale inventory is low, with only a 3.5-month supply1.
In summary, while 2024 won’t be the perfect year for homebuyers, there’s a chance for some relief. Keep an eye on local market trends and consider seeking professional advice when making real estate decisions. 🏡 Call me at 615-934-7248 with your questions.