But there’s good news! More homes are finally hitting the market. Keep reading for an update on the 2024 market and how to navigate the current housing landscape.
Inventory on the Rise
Data from Realtor.com shows a significant increase in available homes in April 2024 compared to the previous three years. That’s a whopping 30.4% more houses on the market! This means you might have more options to choose from than you did in the past.
But hold on a minute! Calculated Risk’s data paints a slightly different picture. While inventory is growing, it’s still far below pre-pandemic levels. The good news? It’s still a better selection than we’ve seen recently.
Finding Your Perfect Place
So, what does this mean for you? If you’ve been waiting on the sidelines, you might finally find your dream home. However, don’t expect a massive surplus of properties. To navigate this evolving market, it’s crucial to partner with a local real estate agent.
Why a Local Agent Matters
Real estate is all about location. A local agent from Surterre Properties knows the ins and outs of your neighborhood. They can provide valuable insights on available properties. They will also guide you through the unique quirks of the local market. As Bankrate points out, a local agent is your secret weapon in today’s competitive landscape.
Making the Move: Prices + Rates
Let’s face it, home prices and mortgage rates are probably top of mind when considering a move. Should you buy now, or wait it out? The truth is, nobody has a crystal ball. However, your agent can analyze the latest expert insights to help you make an informed decision.
Home Prices: A Steady Climb
The Home Price Expectations Survey by Fannie Mae is a reliable source for home price forecasts. According to their most recent survey, experts predict home prices will continue to rise at least through 2028. While the yearly appreciation rate might vary, the overall trend suggests prices will climb (not fall) for the next five years. However this will happen at a more moderate pace.
What does this mean for you? Buying now allows you to build equity as your home appreciates in value. Conversely, waiting could mean shelling out more for the same house later on.
The Mortgage Rate Rollercoaster
Unfortunately, predicting mortgage rates is like predicting the weather – it’s tricky! Several factors influence the current volatile rate environment. Inflation, economic conditions, and even geopolitical events can all impact rates. Experts are optimistic that rates will come down later in 2024. At the same time, they acknowledge that changing economic indicators could alter this forecast. After all, housing market predictions are constantly evolving.
Here’s the bottom line. If you’re ready to buy your dream home, you should consider buying now. Partner with a Surterre real estate advisor who will help you analyze the latest information on home prices and mortgage rates. Your agent is your best bet to navigate the current market trends and ultimately help you make the best decision for your future. Let’s turn your dream of homeownership into reality; visit SurterreProperties.com today.
Source: KeepingCurrentMatters
