Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
WILL HOME PRICES INCREASE THIS YEAR?
Even though home prices are going up nationally, some people are still worried they might come down. A recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people might be concerned.
To help ease that concern, here’s what the experts forecast will happen with prices this year.
Experts Project a Modest Increase
Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. CoreLogic helps explain:
“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . .Most markets will continue to reach new market highs in 2024.”
What Does This Mean for You?
Experts are saying home prices will go up this year, and that’s good news if you’re considering buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time. Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy a home, waiting just means it will cost more later.
If you are worried home prices will come down, do not be. Many experts believe that they will go up this year. If you have questions or worries about what is happening with prices in our Somerset Hills area, it's a good idea to contact me so that we can talk. I will supply you with all the information you may need to make an informed decision.
Adding value for my clients and loving where we live!
Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
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