It’s a new year full of opportunities to reach new goals. If your goal is to become a homeowner in 2024, you may wonder what the housing market will be like this year. While there is no crystal ball to determine how this year will go, this 2024 housing market outlook can give you insight into what obtaining homeownership in the New Year may be like.
2024 Affordability Prediction
One barrier new homebuyers faced in previous years was home affordability. Shortages of available homes on the market caused home prices to climb throughout the pandemic and beyond, causing demand to spike prices. Even as the demand for homes eased in 2023, homebuyers still struggled with affordability, as some existing homeowners held back from selling their homes due to uncertainty caused by inflation and rising mortgage rates. According to Realtor, home buyers should have some relief in 2024 as home prices are predicted to drop 1.7% this year. Realtor suggested this dip could partly be caused by lower demand due to shifting mortgage rates and rental opportunities.
Mortgage Rate Predictions for 2024
Mortgage rates are driven by personal and market factors, like inflation, job growth, and action by the Federal Reserve. Market factors can make predicting mortgage rates difficult for homebuyers. However, Bank Rate provided predictions for 2024 based on four associations, with many expecting mortgage rates to dip by the end of 2024. Homebuyers should remember, that monitoring mortgage rates should be used as a tool, not the deciding factor in homeownership.
Considerations for Homebuyers Beyond the 2024 Housing Market Outlook
This 2024 housing market outlook can provide insight into what to expect when purchasing a home this year. However, there are other considerations that homebuyers should remember as they navigate the homeownership process.
With different mortgage programs available to homebuyers, homebuyers should start the process by speaking with a mortgage professional. Your trusted mortgage lender can help you determine the mortgage program that fits your unique needs and help you start the homebuying process sooner rather than later. If affordability is still a concern, especially regarding the down payment, MSHDA offers qualifying applicants down payment assistance, and VA loans don’t require a down payment.
Taking these considerations into account and speaking with a mortgage professional can help you obtain your homeownership goals in 2024, no matter what the 2024 housing market outlook is.
About Julie Krumholz from Superior National Bank
Ready to start the homebuying process for 2024? Julie Krumholz from Superior National Bank can help.
With over 30 years of experience, Julie Krumholz is no stranger to shifting housing markets. She’s experienced nearly every facet of the mortgage industry, from processing, closing, loan origination, underwriting, QC auditing, and even co-owning a mortgage brokerage firm. Julie uses her wealth of experience to match homebuyers with the best mortgage program for their needs and helps streamline the mortgage process.
