Are you hearing the buzz about 2024 home prices? Let’s clear the air!
A recent Fannie Mae survey shows that 24% of people fear prices will decline this year. However, eight top real estate sources predict no downward spiral.
In fact, experts predict a modest increase in home prices this year — about a 2% rise by year-end. So, why the uptick? Two big reasons. First, there’s not enough homes on the market. It’s tight out there! Second, mortgage rates are playing nice, sparking buyer interest. More demand, fewer homes = a recipe for rising prices.
Selma Hepp, chief economist at CoreLogic, shares her take. Early 2024 looks strong for housing demand. She says, “With mortgage rates dropping, 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.” Expect more record highs in most markets!
Next, what’s in it for you? If you’re eyeing a new home, this is music to your ears! Homeownership is not just about having a cozy spot. It’s about watching your investment grow. Each price uptick means more equity for you. And, of course, higher equity means a host of other things, including a higher net worth.
And here’s a little nudge. If you’re on the fence about buying, waiting might cost you. Prices aren’t hitting the brakes anytime soon.
In short, if you’re worried about a price plunge, don’t be! Experts say prices are climbing up, not down. Curious about your local scene? A chat with a Surterre real estate pro can work wonders. Get in touch with our local specialists at SurterreProperties.com. Let’s make 2024 your year of smart moves and great homes!