It’s almost 2024… and it’s the perfect time to start dreaming about your ideal home! Maybe it’s one at Magnolia Station at Cresleigh Ranch! Over the last few years, you’ve probably seen lots of conflicting info about the housing market, and maybe you’re not sure if this is the best time to purchase a new home. Today, we’re looking ahead to the future, and exploring what to expect for the US Housing Market in 2024.
Problems in 2023
Lately, housing demand has outstripped supply, and that’s been driving some of the major price fluctuations and rising costs of homes. What should we expect from housing prices in 2024? The answer isn’t simple – with some experts predicting increases and others decreases. Overall, it seems to be a matter of local markets.
New Builds Coming
We’ve seen lots of people wanting to buy homes lately, but there aren’t that many for them to choose from. In 2024, new build projects should help to alleviate some of that stress. Multi-family housing is even projected to increase.
Additional Investment Possible
The real estate market gets a significant boost from investors, and in 2024, we should see some increased investment activity in homes. This is a plus for stabilizing prices and ensuring that more homes are potentially available.
There are variables that continue to be unpredictable, including interest rates. If the US does enter a recession (which some economists are predicting for 2024) it could significantly influence how much it costs to get a new mortgage. In a recession, interest rates typically fall. Additionally, factors like unemployment rates and consumer spending will influence how expensive it will be to buy a home in 2024.
Speak with a Professional
If you’re deciding whether to buy a home in 2024, it’s important to talk to a mortgage broker to get specific information related to your situation and location. Don’t make any snap decisions based on what you hear in real life or social media – consult the experts.