It is a complex time to buy a home. With home pricing at record-breaking points, it is quite challenging to become a homeowner, and many prospective buyers have been waiting for prices to come down or interest rates to lower before moving forward. As many look ahead to the new year, experts are making predictions regarding what 2024 will bring in terms of affordability, interest rates and more.
Looking forward to a better year for buying a home
Buying a home is an exciting step, but when prices are high, inventory is low and interest rates are high, it can be difficult for average individuals to take this step. For those who have been waiting for this, there could be reasons to be hopeful in the new year. After a recent small dip in interest rates, experts believe this could be a trend that continues into the year ahead.
Across the country, prices are expected to remain higher than past averages, but some areas could see lower prices in the coming months. For the housing market to truly rebound, experts say that there needs to be a significant increase in inventory. While it would be a positive thing for interest rates to lower, it should not happen too quickly with the current inventory of available homes.
Protecting one’s interests when purchasing a home
Buying a home is a significant legal and financial decision. For one to protect his or her interests, it is beneficial to seek the guidance of an experienced attorney during contract review and for other matters. This guidance allows one to make practical and beneficial decisions while navigating the home-buying process.