New Year, New Housing market Predictions
After a year full of record-high interest rates and home prices, experts expect affordability to (finally) improve slightly in 2024.
HERE’S WHAT TO EXPECT:
Experts predict interest rates will slowly decline from their recent high of nearly 8% — with the average 30-year fixed rate even falling near 6% by the end of the year. However, inflation is still the wild card that could change everything. Whether mortgage rates will actually trend down in 2024, and by how much, depends on the path the Federal Reserve takes in its fight against inflation.
Lower mortgage rates will definitely improve affordability. However, as a result, this will entice more homebuyers to return to the market, leading to an increase in demand.
Unfortunately, this will likely result in higher home prices, benefiting sellers more than buyers.
Moreover, experts predict home prices to rise every year through 2027:
YOUR JANUARY HOME MAINTENANCE CHECKLIST (CLICK TO EXPAND)
Store Holiday decor in labeled bins
Change refrigerator water filter
replace shower curtain liners
Clean bathroom tub and sink drains
(pour baking soda & vinegar)
Check basement for leaks during thaws
Clean out & organize closets
Clean out kitchen cabinets
Flip mattresses over
Replace HVAC filter (yes, again)
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