Navigating the Housing Market in Autumn 2024: What You Need to Know

As the leaves start to change and we move into the crisp days of autumn, the housing market is on many people’s minds. According to a recent survey by Norada Real Estate Investments, 44% of consumers are concerned that the housing market might crash in 2024. If you’re one of those who are hesitant about making a move this season, it’s important to know that the reality of the market is far more stable than these fears suggest.

Affordability: A Brighter Outlook Ahead

Over the past couple of years, many people have found it challenging to buy a home due to affordability concerns. While it’s true that affordability remains tight, there’s good news on the horizon. We’re starting to see signs of improvement, with conditions expected to continue getting better throughout the rest of the year. This gradual shift opens up new opportunities for those who may have felt priced out of the market, making it a good time to revisit your homeownership goals.

Is a Housing Market Crash on the Horizon?

While some headlines may cause concern, the latest 2024 home price forecast tells a different story. Instead of declining, home prices are expected to appreciate. This forecast reflects a steady market rather than one at risk of collapsing. So, if you’ve been holding off on buying or selling because of fears of a crash, the data shows that the market remains resilient.

When Will Mortgage Rates Come Down?

While rates have been higher recently than in past years, mortgage rates are expected to gradually decrease as inflation comes under control, making homeownership more accessible to those waiting on the sidelines. Data from Freddie Mac shows that rates have been trending down overall since May 2024. Even a small drop in rates can make a big difference, as it lowers your monthly payment, making it easier to afford the home you want. Additionally, there are strategies to make current rates work for you, whether through adjustable-rate mortgages, rate buydowns, or refinancing opportunities down the road.

What’s Going to Happen with Home Prices?

Home prices are forecasted to continue their upward trend, albeit at a more moderate pace compared to recent years. This steady appreciation is a sign of a balanced market, one where buyers and sellers can feel confident in their investments. For sellers, this means your home is likely to retain or even increase its value. For buyers, it means investing in real estate continues to be a sound financial decision.

Your Real Estate Advisors

Navigating the complexities of today’s market requires both knowledge and experience. That’s where we come in. Our team is dedicated to staying ahead of market trends, understanding the nuances of mortgage rates, and providing accurate price forecasts. We’re here to guide you through every step of the home-buying or selling process, ensuring you have the confidence to make informed decisions.

This autumn, don’t let uncertainty hold you back. Whether you’re buying your first home, upgrading, or selling to start a new chapter, we have the expertise to help you succeed in today’s market. Let’s move forward together with confidence, knowing that you have a trusted advisor by your side.