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If you are thinking about buying a home, you might be wondering if it is the right time to do so. After all, the housing market is constantly changing, and there are many factors that can affect your decision. However, in this blog post, I will explain why buying a home now could be your smartest long-term decision, based on the current trends and projections.
Home prices will likely fall slightly in 2024, by about 1% on average, according to Forbes and Redfin. This will be the first time prices have declined since 2012, except for a brief period in the first half of 2023. However, home prices will still be high compared to historical levels, and some markets may see price increases or stability instead of declines.
New listings will increase in 2024, as more homeowners decide to sell their homes before prices fall further, or cash out on their equity and move to more affordable areas. This will ease the supply shortage that has been plaguing the housing market for years, and give buyers more options and bargaining power.
Home sales will also increase in 2024, as affordability improves and more homes hit the market. The demand for homeownership will remain strong, especially among millennials and Gen Z, who have been delaying buying a home due to high costs and limited inventory.
Mortgage rates are expected to steadily decline in 2024 according to Redfin. The Federal Reserve is expected to stop raising the federal funds rate, which indirectly influences mortgage rates, and may even start cutting it later in the year. This will help lower the cost of borrowing for homebuyers, but not enough to offset the impact of high home prices.
Overall, 2024 is projected to be a better year to buy a home than 2023. Buyers may still face affordability challenges and may need to compromise on their preferences or location. They will also have to contend with more competition. However, they will also have more opportunities to find a home that suits their needs and budget, and negotiate a fair price.
If you're interested in buying a home in 2024, you may want to start saving, researching, and planning ahead of time, and call the A Team. We will guide you through the process. Whether you are looking to buy now, 3 or 6 months from now, now is the time to get started and let us get you prepared and qualified - whether you are looking to buy or refinance.
Secondly, buying a home now can help you build equity and wealth over time. Equity is the difference between the value of your home and the amount you owe on your mortgage. As you pay off your mortgage and as your home appreciates in value, your equity increases. This can give you more financial security and flexibility in the future, as you can use your equity to fund other goals, such as retirement, education, or home improvement.
Thirdly, buying a home now can help you enjoy the benefits of homeownership, such as stability, privacy, and personalization. When you own a home, you have more control over your living space and environment. You can customize your home to suit your taste and needs, without worrying about landlords or neighbors. You can also enjoy the sense of belonging and community that comes with owning a home in a neighborhood you love.
In conclusion, buying a home now could be your smartest long-term decision, as you can take advantage of the falling interest rates, build equity and wealth, and enjoy the benefits of homeownership. Of course, buying a home is a big decision that requires careful planning and research. If you're thinking of taking the next step in 2024, now is the time to start.
We hope this article was of value to you. For more great tips, bookmark our site and for all your mortgage needs, visit the A Team at TMFFMS.
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