A look ahead at 2024’s housing market
What’s in store for the year ahead? Here’s what experts have to say about the 2024 housing market.
Here’s a recap:
- Mortgage rates are on the minds of most homebuyers concerned about entering the 2024 housing market. As inflation eases, mortgage rates may also decrease* from their former highs. Lower rates promote housing affordability.
- Another silver lining? Home sales are expected to rise over the next year. Home sellers who’ve been waiting may simply decide to move ahead with their plans, some experts say, creating more inventory to balance the market.*
- If you’re hoping to buy or sell a home this year, it’s a great time to connect with a local Loan Officer for guidance. Fluctuations in the 2024 housing market are likely to be localized and having local expertise can help inform your decision.
Start the year strong:
Contact your local Academy Loan Officer and request a personalized assessment.
2024 housing market: What to know if you’re a homebuyer
As buyer demand has cooled, bidding wars, for the most part, have become a thing of the past. For homebuyers who once worried about having to pay thousands of dollars over asking price: The coast is now clear. Lessened competition could give you the chance to confidently reenter the 2024 housing market.
In addition:
- Housing affordability is expected to improve. Potentially lower rates and modestly appreciating home prices may make purchasing a home more affordable than it was last year. Even a slight decline in mortgage rates can help to boost buying power.
- More sellers may agree to concessions. Over the past year, home sellers have become more flexible. Sellers are still offering to pay concessions—paying part of a buyer’s closing costs and other expenses—to help close a deal.
If you’re planning to buy a home this year, you may see your negotiating and purchasing power increase. While some of this can depend on the supply and demand in your local area, you’re likely to find yourself with more leverage when submitting an offer than you would have a year ago.
2024 housing market: What to know if you’re a seller
If more sellers enter the market, more inventory will become available. Added inventory may not seem like great news if you’re hoping to sell. But having more housing supply can be helpful for the second part of your transaction—when you need to find a new home to buy.
It may help to keep in mind that:
- Whether you plan to trade up or downsize, you’ll have more listings to choose from. This is an improvement from past years when demand was sky-high. Though booming demand made it easy to sell, many sellers felt stuck when they couldn’t secure a new home in their price range.
- Inventory remains historically low. In fact, it hasn’t even returned to pre-pandemic levels. This means that, while more houses may be listed compared to last year, there’s a continued inventory shortage that needs correcting. If you sell now, your home should still get attention if it’s priced right.
Home prices are expected to hold steady in 2024, and this benefits sellers. Sustained prices are due to low inventory levels. As a result, you could sell your home at a competitive price—and use the profits to fuel your move into a new house.
We’ll help you decide what’s next
Is this the year you buy your first home? Or is it the year you sell and gain more space? Whatever you envision, we’re here to make your dreams possible. Your local Academy Loan Officer can provide you with a personalized assessment and guide you on the next steps to take.
Please consult a trusted professional as personal circumstances may vary. No specific results are guaranteed. Not all applicants will qualify. MAC2412-2180355.