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Housing Market Predictions for 2024 | The Neighborhood Minute January 2024

01/16/2024

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The WesBanco Neighborhood Minute

The Neighborhood Minute: Housing Market Predictions for 2024

January 9, 2023

2024 Housing Market Trends to Watch

With a possible end to the Fed’s battle on inflation, 2024 may be a better year for purchasing a home. As inflation continues to cool, mortgage rates should begin to follow suit in the later part of the new year. However, pricing and inventory will still prove to be an obstacle for some buyers. It also looks like a seller’s market is here to stay, and we’ve got expert tips for navigating it.

The Latest Housing Market Trend Report

2024 Housing Market Forecast

The Fed decided to hold mortgage rates steady and hinted at three rate cuts in 2024 at its December meeting.

Affordability will be a challenge due to built-up demand, low inventory and higher rates.

Expect more competition, which could further drive up home prices.

Renting may see a resurgence due to market conditions hitting first-time homebuyers the hardest.

Get Preapproved for a Mortgage in a Seller’s Market

Tight housing inventory is giving sellers the upper hand in the current housing market.

In a seller’s market, buyers need to move quickly, so set a budget and get preapproved for a mortgage early in the process.

A mortgage preapproval is a verification from a lender that you qualify for a mortgage.

Your preapproval will also determine how much you can borrow, your interest rate and monthly payment.

And because rates are still fluctuating, consider following up your preapproval with a mortgage rate lock.

2¢ Worth of Wisdom

Q: What is your best advice for buying a home in 2024?

A: “Like most markets, the housing market is impossibly hard to predict. The best time to purchase a home is when you find the right one within your budget range that meets your current and future needs. In this housing market, working with a trusted lender and agent are paramount as well.”

—Ed Hensley, Executive Vice President and Manager, Residential Lending

 

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*All information cited can be found on housingwire.com.

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