What’s Next for Home Prices and Mortgage Rates?
If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out.
The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates.
1. What’s Next for Home Prices?
One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.
According to the most recent release, experts are projecting home prices will continue to rise at least through 2028 (see the graph below):
While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace.
What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. But, based on these forecasts, if you wait and prices continue to climb, the price of a home will only be higher later on.
2. When Will Mortgage Rates Come Down?
This is the million-dollar question in the industry. And there’s no easy way to answer it. That’s because there are a number of factors that are contributing to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains:
“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”
What happens next will depend on where each of those factors goes from here. Experts are optimistic rates should still come down later this year, but acknowledge changing economic indicators will continue to have an impact. As a CNET article says:
“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.”
So, if you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you.
Bottom Line
Let’s connect to make sure you have the latest information available on home prices and mortgage rate expectations. Together we’ll go over what the experts are saying so you can make an informed decision on your move.
Meta Description: Thinking of buying or selling in Vacaville? Cornerstone Real Estate & Home Loans Inc. breaks down expert predictions on home prices and mortgage rates for 2024 and beyond.
Introduction:
Are you wondering if now is the right time to buy or sell a home in Vacaville? With fluctuating mortgage rates and evolving home prices, making an informed decision requires understanding the latest trends and expert forecasts. At Cornerstone Real Estate and Home Loans Inc., we’re here to provide you with the insights you need to navigate the Vacaville housing market confidently.
What’s Next for Home Prices in Vacaville?
Experts at Fannie Mae predict that home prices will continue to rise, not fall, for the next five years. While the rate of appreciation may vary, this means your Vacaville home is likely to grow in value over time. This could be a significant advantage if you buy now and build equity for the future.
Will Mortgage Rates Go Down in 2024?
The mortgage rate environment is complex and influenced by various factors, including inflation, economic data, and even geopolitical events. While experts are cautiously optimistic that rates may decrease later this year, it’s crucial to stay updated on the latest economic indicators as they can significantly impact mortgage rates.
Should You Buy or Wait?
If you’re ready to buy a home in Vacaville and can afford it, now might be a great time to take advantage of potential home price appreciation. However, if you’re concerned about fluctuating mortgage rates, partnering with a trusted advisor like Cornerstone Real Estate and Home Loans Inc. can help you assess your options and find the best mortgage solution for your individual needs.
Cornerstone Real Estate and Home Loans Inc.: Your Trusted Partner
At Cornerstone Real Estate and Home Loans Inc., we’re dedicated to providing you with personalized guidance and expert advice on all aspects of the Vacaville housing market. We’ll keep you informed of the latest trends, help you analyze market data, and ensure you make an informed decision that aligns with your financial goals.
Conclusion
Don’t let uncertainty hold you back from achieving your real estate dreams in Vacaville. Contact Cornerstone Real Estate and Home Loans Inc. today, and let’s discuss your options. Together, we’ll navigate the market and help you find the perfect home or secure the best mortgage rate for your unique situation.
Call to Action:
Ready to make your move to Vacaville? Connect with Cornerstone Real Estate and Home Loans Inc. today!
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