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2024 Housing Market Predictions

Will Mortgage Rates Decline in 2024?

In October 2023, the average interest rate for a 30-year fixed-rate mortgage hit 8% for the first time since 2000. Experts predict that mortgage rates will decrease in 2024, potentially landing in the upper 5% to mid 6% range by the end of the year. However, these predictions are based on current economic data and trends, and actual rates may vary.

Will Home Prices Decline in 2024?

Most experts expect home prices to continue increasing in 2024, making homeownership challenging for many. However, some forecasts suggest a slight decline. For instance, Morgan Stanley predicts a 3% decrease, while Goldman Sachs anticipates a 5% increase. In 2023, home prices rose by 7.1%.

Will Inventory Increase in 2024?

Home inventory hit all-time lows in 2023, but experts expect a rebound in 2024. If interest rates drop enough to encourage more homeowners to sell, inventory could increase by as much as 30%, according to the National Association of Realtors.

Will 2024 Continue to Be a Seller’s Market?

Even with a potential increase in inventory, demand is expected to outpace supply, maintaining a seller’s market. Buyers may face more competition and might need to make offers above the asking price or waive certain contingencies to secure a home.

Will the Housing Market Crash in 2024?

While some fear a market crash, most experts do not expect this to happen soon. Low inventory levels help keep prices stable. However, if demand drops significantly due to economic downturns or high interest rates, home prices could fall.

Should I Buy a House in 2024?

Deciding to buy a home is a personal choice. Consider your financial situation and whether you can afford a home in the current market. If high interest rates are a barrier, it might be wise to wait. However, if you find your dream home and can afford it, buying now and refinancing later could be a good strategy.

Fall and winter are typically the best times to find lower prices, though inventory is lower. Spring and summer offer more inventory but at higher prices. Evaluate your situation and goals to determine the best time for you to buy.

Consult With a Professional Who Knows Your Local Market

While national trends provide a general outlook, local real estate agents have insights into your specific area. If you’re considering a move in 2024, reach out to local experts for tailored advice.

Now is also a good time to prepare your credit history for a home purchase. Review your credit score and report, and take steps to improve your credit if necessary. This process can take time, so start early and keep an eye on mortgage rates.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. Our team of experts is here to help you navigate the housing market and find the best mortgage options for you.

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