Confused about what's happening in the housing market? You're not alone. Here are the top 3 questions people are asking right now, along with the data to help answer them:
1. What's Next for Mortgage Rates?
Mortgage rates are currently higher, impacting home affordability. Historical trends suggest a relationship between rates and inflation. With inflation easing, the Federal Reserve's pause in rate hikes may lead to slightly lower mortgage rates in 2024. Anticipate some volatility, but the general trend seems downward.
2. Where Are Home Prices Headed?
Contrary to concerns of a crash, home prices are rising, albeit at a slower, more sustainable pace. The Home Price Expectation Survey indicates confidence among experts that prices will continue to climb in the coming years.
3. Is a Recession Around the Corner?
Recent expert polls show a shift in sentiment. While last year, many thought a recession was imminent, current indicators suggest otherwise. A majority of experts now believe we've avoided another recession, signaling positive news for the housing market.
?? Bottom Line:
The data offers reassurance, and there's more hope than concern in the housing market. Let's connect to discuss any housing market questions on your mind as we approach the new year. ??? #RealEstate #HousingMarket #MortgageRates #HomePrices #EconomicOutlook