Experts Project Home Prices Will Increase In 2024
While national home prices are on the rise, there remains a lingering concern among individuals about a possible downturn. A recent Fannie Mae survey found that 24% of respondents expect home prices to decline in the next 12 months. This statistic indicates that nearly one in four individuals grapple with the fear of a potential decrease in property values. To help ease that concern, here’s what experts forecast will happen with prices this year. By Financial Samurai The bars in the graph mean, on the average, experts think home prices will go up over 2% by the end of the year - not down. Prices aren't likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains: "With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2024 [...] Most markets will continue to reach new home price highs over the course of 2024." What Does This Mean For You? Experts are saying homes are gonna get pricier this year, and that’s cool news if you’re thinking of snagging one. Owning a house becomes even better when its value shoots up because that’s like building up savings- equity. It’s a solid investment for the long haul. Plus, if you’re ready to dive into homeownership, waiting might just mean shelling out more bucks down the road. So, if you are considering it, why not jump in sooner rather than later?