We feel 2024 will be a more affordable year to buy a home than the 2023 was, but inventory is still very low and buyers are starting to come back into the market.Low inventory
and high demand mean more competition for the homes that are out there. We are definitely seeing more offer review dates, multiple offers and yes, escalating prices on the
more desirable listings out there.
Home affordability depends on three factors: mortgage rates, home prices, and wages.
Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual.
That’s good news if you want to buy a home because it means affordability is getting better! Let's connect if you're looking for help finding that new home.
