Why Home Buyers Should Consider Buying a Home in 2024

The first quarter of 2024 presents an optimistic scenario for home buyers. Here are key reasons why it could be an ideal time to invest in real estate:

1. Shift to a Buyer’s Market: 2024 is shaping up to be a year where the real estate market swings in favor of buyers. This shift is driven by the waning effects of pandemic-driven inflation, lowering mortgage rates, and an increase in the number of homes listed for sale.
2. Decrease in Home Prices: For the first time since 2012, home prices are expected to fall by around 1% in the second and third quarters of 2024. This drop in prices, though modest, marks a significant change from the preceding years where prices consistently increased.
3. Increase in Listings: A rise in the number of listings is anticipated due to several factors, including homeowners’ acceptance of current mortgage rates and their desire to sell before potential further price drops. This increase in supply, outpacing the demand, will provide more options for buyers.
4. Rising Home Sales: 2024 is projected to see a 5% increase in home sales compared to 2023, with sales gaining momentum throughout the year. This trend indicates a more dynamic market with more opportunities for buyers.
5. Declining Mortgage Rates: Although starting the year at around 7%, mortgage rates are predicted to decline steadily, reaching approximately 6.6% by the end of 2024. This gradual decrease in mortgage rates will make home-buying more accessible and financially feasible for many.
6. Evolving Real Estate Industry: The real estate industry is undergoing significant changes, with trends like increased transparency in agent commissions and more direct interactions between buyers and listing agents. These changes could lead to more cost-effective transactions for home buyers.

This new year presents a unique opportunity for home buyers. With a favorable market shift, decreased home prices, increased listings, rising home sales, declining mortgage rates, and an evolving real estate industry, it’s a prime time for prospective buyers to consider moving into homeownership. Ready to buy or sell? Find your Coldwell Banker Hearthside agent here: https://cbhre.com/directory