2023 has been a turbulent year for the housing market as 30-year fixed mortgage rates flirt with 8% while housing prices continue rising. Housing Inventories and potential home buyers have dropped off as a result. Redfin Chief Economist Daryl Fairweather joins Yahoo Finance to discuss why the housing market may have some relief on the horizon and trends in the US housing market for 2024.
“In the most likely scenario, we expect rates to come down to around 6.5-6% by the end of the year, which isn’t a huge relief but it’s enough to make hundreds of dollars of a difference for a potential homebuyer,” Fairweather says.
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Home prices will rise 3-5 percent in 2024….Not even a global pandemic could slow housing…
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Maybe more and more owners are putting their houses on the market, but I am not. I still think that the pent-up demand will put upward pressure on prices when rates drop. Time will tell if I am right, but I feel fortunate to have my own place either way.
What is always left out in these housing and mortgage discussion by talking heads is with most cities, people will need to apply for a loan for over $500k. That falls into the jumbo loan category. Jumbo loan rates are higher than those rates shown in the graphs.
Rates will be lower than 6.5%
There are so many people waiting for a decline that it might not come (or as much) due to people buying when it does dip at all. It might be crazy to even say houses might be at value or even undervalued with the potential demand.
There isn’t going to be a decline in most housing markets across the country. There is simply not enough supply to meet the demand, and we have all those people that were sitting in the sidelines that are just waiting to buy a home, as their patience wears thin.
Yeah ok buddy good luck with this idea. Interest rates won’t fall until home prices are corrected so people can able to afford homes again.
Since Yahoo said the price will go down I see a steady increase next year. 😂