After a crazy few years for the housing market, everybody wonders, "What's this year going to be like?" Is it a buyer's market? Is it a seller's market? Will prices come down? Here are three national predictions that might help answer your questions.
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Will Home Prices Come Down?
One of the biggest questions I get is about prices. Many are wondering if and when they'll come down. Much of this concerns inventory or the number of homes on the market. Which is still low, so for now, home prices are predicted to stay up and increase this year.
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What About Mortgage Rates?
Mortgage rates steadied and dropped slightly at the end of the year. Although they may dip a bit throughout the year, mortgage rates are expected to stay higher than in the last few years. This will likely be the case until the federal government meets its inflation goal.
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Will Buyers or Sellers Have an Advantage?
With high mortgage rates, low inventory, and higher prices, it will remain a seller's market in 2024. There are more buyers than homes on the market.
These predictions are based on national opinions. I'd love to explain more about our local market predictions. Homeownership continues to be one of the best investments you can make. There are always opportunities for you to buy and sell. If you're considering a move this year, these market conditions require expert help. I'm here to help. Text, or call with any market questions.
