With the new year quickly approaching, you may be thinking if 2024 would be a good time to buy or sell a property. It is crucial to hear what the experts have to say about the future of the property market if you want to make the best option possible. Warning: there's a chance the estimates are better than you anticipate. This is the reason.
Experts Predict Continued Increase in Home Prices
Check out the most recent predictions for home prices from the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), and Fannie Mae:
Experts predict prices will rise by 1.5% by the end of 2024 and by 2.8% overall by the end of this year, as you can see in the orange bars on the left. Considering how many people believed that prices would plummet this year, that's huge news. In actuality, the reason why prices didn't plummet dramatically in 2023 was that there simply weren't as many houses available as there were individuals who needed or desired to purchase them. This shortage of inventory is still there today. As we head into the new year, prices are being driven upward by the general law of supply and demand.
Experts predict that although property prices won't increase as much as they did this year, they will nonetheless climb in the upcoming year. Although the anticipated increase in 2024 isn't as significant as it was in 2023, it's crucial to remember that home price appreciation is a cumulative process. Put more simply, this implies that assuming the national average is accurate and the experts are correct, your home's worth should increase by an additional 1.5% the following year, on top of the 2.8% increase it saw this year. In the long run, owning a home can prove to be a wise choice due in large part to the continuous increase in value.
Sales are expected to rise slightly in the upcoming year.
Although there haven't been as many house sales in 2023 as there have been in more typical years, analysts predict a little bit more activity in the housing market in 2019.
Even while just a modest increase in overall sales is anticipated, increased activity in the property market and for buyers and sellers like you is a positive development for the next year. There are more possibilities available to prospective homebuyers as long as people keep moving.
What then do these forecasts indicate? In 2024, the housing market is anticipated to be more active. There will always be people who need to relocate, so that could be a contributing factor. Individuals will relocate regardless of the state of the housing market when they get married, have children, change careers, or go through other significant life transitions. That's going to be the case for the foreseeable future. Furthermore, the housing market will be much more active if mortgage rates decline.
In summary
It's critical to understand the experts' predictions for the home market's future if you're considering buying or selling. Knowing what lies ahead will enable you to make the best decision possible. Make a strategy for your next move and discuss the most recent forecasts with a local real estate agent.
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