2024 is shaping up to be an incredibly promising year to make your move, with favorable market conditions emerging throughout the country. If you’ve been sitting on the sidelines and waiting to make your dream of homeownership a reality, check out the 3 factors making 2024 a great year for home buyers. When you’re ready to take the next step, contact our home loan experts at the Potempa Team to get pre-qualified and start your search!
Lower Interest Rates Will Increase Affordability
With many experts predicting mortgage interest rates to dip as low as 6% by the end of the year, 2024 is the perfect time to capitalize on favorable borrowing conditions. Lower interest rates mean more affordable monthly mortgage payments, translating to increased purchasing power for you. Even a small change in rates can make a big difference! It not only makes homeownership more accessible but also allows you to potentially snag your dream home without blowing your budget. Although rates have ticked up slightly in recent weeks, watch for them to make their way back down as we hit spring and summer!
Post-Pandemic Economic Inflation is Easing
Another factor contributing to the increased opportunities for home buyers in 2024 is the cooling inflation in the US economy. According to a recent report from Reuters, “U.S. prices fell in November for the first in more than 3-1/2 years, pushing the annual increase in inflation further below 3%.” Buyers can breathe a small sigh of relief this year as lower inflation means your dollars stretch further in nearly every way. After all, buying a home isn’t just about the cost of the home itself. There are also closing costs, inspections, insurance, and moving quotes to consider, among other costs.
US Home Sales Expected to Pick Up in 2024
Another important factor making 2024 a great year for home buyers is the expected uptick in overall home sales activity, signaling a robust real estate market ripe with opportunities for eager buyers. This surge in home sales not only reflects growing confidence among sellers but also suggests surging demand from prospective buyers who hope to make this the year they secure their piece of the American dream. With more homes hitting the market and increased competition among sellers, buyers can expect a wider array of options to choose from, along with potential opportunities for negotiation and favorable deals in some areas of the country. So, if you’ve been considering making a move into homeownership, now might be the perfect time to act!
Curious about how these three factors and more could impact your path to homeownership in 2024? Reach out to us at the Potempa Team and tap into the wisdom of our seasoned lending experts. We’re here to provide personalized guidance, answer all your burning questions, and help you get pre-qualified to seize the perfect home-sweet-home opportunity. Don’t miss your chance to make 2024 the year you turn your homeownership dreams into reality—get in touch with us today!
