Is 2024 a good year to buy a home?
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Housing economists offering forecasts were wrong about 2023.
Multiple factors led to it being the least affordable housing market in a generation. Sales of existing homes dipped below 4 million units, reaching levels last seen in 2010. But still, even with fewer buyers, home prices kept climbing because there weren’t enough homes on the market and competition pushed prices higher.
Will this picture improve in 2024? What should homebuyers expect next year?
“I called 2023 the year of disappointment,” said Jonathan Miller, president and CEO of Miller Samuel Real Estate Appraisers and Consultants. “This year I’m calling, the ‘year of incremental change.’ ”
The idea, he said, is that 2024 will bring gradual improvement in home sales, prices and mortgage rates, but there will be few sudden moves.
For weary homebuyers wary of big swings and sudden lurches in the market, it may be a welcome change of pace.
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Purchasing Manager at J. Lohr Vineyards & Wines
1 年Now’s a good time to buy before the interest rates decline, prices go up and the amount of buyers increases. Buy now and refinance when rates go down.
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