As we approach the latter half of 2024, here’s a breakdown of what experts predict for home prices, mortgage rates, and home sales.
On Home Prices:
While home prices are expected to keep going up, the dramatic increases we saw during the pandemic are likely to slow down. This is because inventory is increasing, though it’s still lower than usual. With demand still outpacing supply, prices will keep edging upwards, but at a more manageable pace.
What does this mean for you?
The price hikes are slowing down, so jumping in now could save you money in the long run. Plus, experts predict homes will still appreciate in value.
On Mortgage Rates:
Experts predict a dip in mortgage rates, making homeownership more affordable for buyers and potentially sparking renewed buyer interest for sellers.
What does this mean for you?
* Buyers: Even a small rate decrease translates to lower monthly payments, putting homeownership within reach for more people.
* Sellers: Lower rates can attract more buyers, potentially leading to a faster sale and even a higher selling price. This could be the push you need to list your home if you’ve been on the fence due to current rates.
On Home Sales:
The housing market looks to hold steady, with a possible bump in sales this year.
What does this mean for you?
With a few more homes on the market and a slight dip in mortgage rates, it means a busier market but also a better chance for you to find your dream home and finally move!
Bottom line
The market is changing and will keep evolving. Whether you’re buying or selling, you shouldn’t navigate it alone. Partner with an expert. Contact us today at 480-677-8170 or thru our website SHEA PREFERRED REALTY GROUP
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