Are you thinking of snagging a home in 2024?

Are you thinking of snagging a home this year? If so, every twist and turn of the housing market is likely grabbing your attention. Housing is a hot topic right now, and it seems everyone is talking about it – in the news, on social media, and during dinner table conversations. 

Certified Mortgage Advisor and Raleigh Mortgage Broker Kevin Martini says, “There are two key questions to ponder if you are considering buying a home this year. Number one, where are home prices headed, and number two, where are mortgage rates headed.”

What’s the Forecast for Home Prices?

For some solid insights, turn to the Home Price Expectations Survey. Fannie Mae’s Home Price Expectations Survey, produced in partnership with Pulsenomics, LLC, polls over 100 housing experts across the industry and academia for forecasts of national home price percentage changes in each of the coming five calendar years. Their consensus? 

Home prices are expected to rise through 2028! The growth might not be as steep as in recent years, but the trend is upwards! This means buying now could be wise, as your home’s value will likely increase, boosting your equity. If you wait, you might pay more.

Where are Mortgage Rates Headed?

Mortgage rates have recently been a rollercoaster, reacting to various economic factors. But here’s some potentially good news: mortgage rates follow suit as inflation starts to ease. And with the Federal Reserve pausing their rate hikes, experts like Raleigh Mortgage Broker Logan Martini from Martini Mortgage Group suggest that mortgage rates become more favorable in 2024. Lower Raleigh mortgage rates improve housing affordability and create a more inviting market for homebuyers.

The Martini Mortgage Bottom Line

If you’re considering a home purchase, staying informed about home prices and mortgage rates is crucial. While it’s impossible to predict the future with absolute certainty, having the latest data at your fingertips can help you make a well-informed decision. 

Connect with the Martini Mortgage Group to ensure you have the most current information, giving you a clearer view of why now might be an excellent time to buy.