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Home Buying Strategies for 2024

By
Real Estate Agent with Optima Properties BK 496540

For now, economic signals suggest more positive news for buyers in 2024 though no experts are forecasting a return to 3% rates anytime soon. More likely, we will see the 30-year mortgage rate decline closer to 6% according to forecasts from the Mortgage Bankers Association and the National Association of Realtors.

Mortgage rates and housing prices are both high while the housing supply is running low. The current market has a 3.6-month supply of unsold home inventory. A balanced market has a supply of five to six months. Despite larger shortages, 92% of markets have seen modest inventory growth over the last three months, according to a November 2023 report from ICE Mortgage Technology.

Until supply catches up to demand, prices are unlikely to fall. Realtor.com estimates prices will fall less than 2% next year and that is a nationwide forecast. Prices in the South are not expected to fall with over 2000 people a month moving to Florida.

Read full article at  Optima Properties Blog

 

Comments(3)

Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Hopefully people that lost out in 2023 saved some money and when the interest rates drop, which they are expected to do they will be in a stronger position to buy.

Jan 29, 2024 08:01 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jan 30, 2024 04:42 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Welcome to the Rain. Enjoyed your blog page, and I added you as a follower. I would love the follow back. Also, then we both get 50 points. Bill

Jan 30, 2024 05:05 AM