1. Where Do I Think Home Prices Are Heading?
Fannie Mae surveys over one hundred economists, real estate experts, and investment and market strategists. According to the most recent release, the experts are projecting home prices will continue to rise at least through 2028 (see the graph below):
Home prices rising, even at a more moderate pace, is good news not just for the market, but for you too! It means, when buying now, your home will likely grow in value, and you should gain home equity in the years ahead. But, if you wait, based on these forecasts, the home will only cost you more later.
2. Where Do I Think Mortgage Rates Are Heading?
When inflation cools, mortgage rates generally fall in response. That’s exactly what we’ve seen in recent weeks. And, now that the Federal Reserve has signaled they’re pausing their Rate increases and may even cut rates in 2024, experts are even more confident we’ll see mortgage rates come down.
Mortgage rates likely have peaked and are now falling from their recent high of nearly 8%. . . . This likely will improve housing affordability and entice more home buyers to return to the market . . .
Lower mortgage rates mean buyers can potentially save money on their home loans, making the prospect of purchasing a home more attractive and affordable. Now that rates are easing, more buyers are likely to feel they’re ready to jump back into the market. Let’s talk about your specific plans and get you home in 2024
Thank you for reading.