As we move into the latter half of 2024, many homeowners and potential buyers are asking the same question: Is now a good time to buy or sell? To answer this, we need to take a close look at the current state of mortgage rates, inventory, and home pricing.
Mortgage Rates: Where Are They Headed?
Mortgage rates have been a hot topic this year. Earlier predictions suggested that rates would drop into the 5% range, but as of today, we’re still seeing them hover between the high sixes and low sevens. Despite this, economic experts remain hopeful that rates will start to decrease later this year. If you’re planning to buy, keeping an eye on these changes will be crucial.
Inventory Levels: What’s Available?
Inventory levels remain lower than what we’d typically expect for this time of year. Although new listings have increased by 7.7% compared to 2023, they are still below average. Many homes are sitting on the market for 30 days or more without offers, which is often due to high interest rates, incorrect pricing, or properties not being move-in ready. Today’s buyers are looking for homes in good condition to avoid additional repair costs in an already expensive market.
Home Prices: What’s the Trend?
Home prices are still at record highs, but the pace of price increases has slowed. This is primarily because inventory levels, while still low, aren’t as drastically limited as they were in 2023. Buyers have more options, which is helping to prevent prices from skyrocketing. If your home is in good condition and located in a desirable area, there are still buyers willing to pay a premium.
So, Is It a Good Time to Buy or Sell?
The answer to whether it’s a good time to buy or sell largely depends on your personal situation. If you’re considering making a move, it’s essential to understand the local market conditions.