You might be thinking about how the latest housing market news will affect your plans to buy a home this spring. Here are the three most important questions you should be asking.
1. What’s Going On with Mortgage Rates?
Mortgage rates have come down a bit from their most recent peak last October. And looking forward, most experts expect them to decline further over the course of the year, though with some volatility along the way. Rick harga, Founder and CEO at CJ Patrick Company, explains:
“We’ve seen mortgage rates inch back up, and are likely to see them zig zag in a gradually downward direction for the rest of the year . . .”
2. What’s Up with Home Prices?
Even though home prices are rising across the country, some buyers are worried they might drop. You might be one of them. But experts say prices won’t fall, they’ll actually keep rising. That’s because there aren’t many homes for sale and buyer demand is still high. Those two factors will likely keep upward pressure on home prices as the year continues. As Selma Hepp, Chief Economist at CoreLogic says:
“. . . demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”
Home prices are expected to keep going up this year. So, if you’re ready to buy, it’s better to do it soon because waiting may mean higher prices later.
3. Are More Homes Coming onto the Market?
In the past year, many homeowners didn’t want to sell because mortgage rates were high. They preferred to keep their lower rates instead of selling and taking on a higher rate on their next home. But now, there are signs people are ready to move again.
Lower mortgage rates are encouraging more homeowners to sell their houses. This increase in homes for sale means you might have more choices when looking for a home.
read more…Click here to download the complete Home Buyers Guide Spring 2024
