It is highly unlikely that the housing market will crash in 2024, and evidence suggests that home prices will remain stable or moderately increase due to limited inventory and steady demand.
Are you thinking of buying a house? Despite the belief that high mortgage rates can be a disadvantage, this is actually an opportunity for you to achieve your dream of owning a home. Purchasing a house during this time can give you an upper hand in negotiations, as there is less competition in the market. Additionally, investing in real estate is a wise long-term decision, regardless of current interest rates. You can also take advantage of future refinancing opportunities if rates decrease, leading to lower monthly payments later. Furthermore, buying a home allows you to build equity right away, which can benefit your future financial endeavors or investments. So, don’t let high mortgage rates discourage you; instead, see this as a chance to secure a sound investment for your future.
If you’re considering selling your home, there are many reasons to be optimistic. Interest rates are declining, making it easier for buyers to manage their mortgage payments. Home values have seen a significant increase over the past two years and are expected to remain strong. By 2024, you can expect more qualified buyers with a 20% down payment, good income, and a strong credit score. Lenders are also becoming more aggressive, which will motivate buyers to start shopping again. Your home’s value will remain high with low inventory and high demand.
I’m here to help you with the right information and guidance. Please feel free to reach out, and let’s get started! (919) 291-5704
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