If you're considering moving this year, two key factors to pay attention to in the housing market are home prices and mortgage rates. How will these elements evolve in the future? Is it better to move now, or should you wait a bit longer?
Making the best decision based on the latest information is crucial. Today, let's look at what experts are saying about home prices and mortgage rates.
Home Price Outlook
One reliable source for home price predictions is the Fannie Mae Home Price Expectation Survey. This survey gathers insights from over 100 economists, real estate experts, and market strategists.
According to the latest survey, experts predict that home prices will continue to rise at least until 2028. While the annual rate of increase may vary, overall, home prices are expected to rise at a steady pace without significant drops.
So, what does this mean for your potential move? If you buy a home now, the value of your property is likely to increase over the next few years. However, if you wait, you might have to pay a higher price as home values continue to rise.
When Will Mortgage Rates Go Down?
This is a question many people are curious about, but there is no simple answer. The current volatile mortgage rate environment is influenced by various factors. According to Odeta Kushi, Deputy Chief Economist at First American, monthly inflation and employment data can impact the direction of mortgage rates. Declining inflation, economic slowdown, and geopolitical uncertainties can contribute to lower mortgage rates. Conversely, data suggesting rising inflation risks can lead to higher rates.
Future scenarios depend on how these factors unfold. While experts are optimistic that rates might decrease by the end of the year, they acknowledge that economic indicators will continue to play a significant role. As mentioned in a CNET article:
“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.”
In other words, if you're ready to buy a home and can afford it, it would be wise to carefully review your options with a trusted real estate advisor. Waiting isn't necessarily the only answer.
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