If homeownership is on your agenda for 2024, the current state of the housing market likely has your attention. Amidst the plethora of information, focus on two pivotal questions that can shape your decision-making:
1. Where Are Home Prices Headed?
Turning to the Home Price Expectations Survey from Fannie Mae provides valuable insights. The survey, representing the views of numerous economists and real estate experts, forecasts a continued uptick in home prices through 2028. While the pace of appreciation may adjust, the consensus suggests that delaying your purchase might lead to a higher cost down the road.
2. Where Are Mortgage Rates Heading?
Recent weeks have witnessed a decline in mortgage rates as inflation shows signs of moderation. Coupled with the Federal Reserve's indication of a pause in rate increases and potential cuts in 2024, there's growing optimism for improved affordability in the mortgage market.
For the most up-to-date information on the housing market and to make informed decisions, it's advisable to connect with a trusted local real estate agent.
