The Waiting Game Question : Buying or Selling a Home in 2024
As we look ahead to 2024, mortgage rates are projected to decline gradually, which could significantly impact both buyers and sellers. However, regardless of these fluctuations, many Americans will still be motivated to move—whether it’s downsizing in retirement or relocating for new job opportunities.
If you’re planning to buy or sell a home in the upcoming year, here’s what you need to know.
What Buyers Should Expect: Stable Home Prices, Not a Crash
While patience is often rewarded, waiting for the perfect moment in the housing market might not pay off. A recent U.S. News survey from March found that two-thirds of prospective buyers are holding off for lower mortgage rates. Of those, 85% are waiting for rates to drop below 6%, but this is unlikely to happen before 2025.
In the meantime, home prices have continued to rise. In fact, the S&P CoreLogic Case-Shiller Home Price Index reported a 5.4% year-over-year increase in June.
Although experts expect home prices to stabilize in 2024, don’t anticipate a significant decline. As Mark Palim, Fannie Mae’s Vice President and Deputy Chief Economist, noted in a recent statement, the limited housing supply continues to drive price appreciation, even as affordability remains a challenge for many buyers.