Exciting news for those looking to buy a home in the next couple of months! A recent press release from the National Association of REALTORS® gives us the scoop on what’s happening in the real estate market.
In September, pending home sales went up by 1.1%. This means more people signed contracts to buy houses. But there’s a twist – this increase happened mainly in the Northeast, Midwest, and South. The West, on the other hand, saw fewer pending sales.
However, there’s a challenge. Mortgage rates are at their highest in 20 years, making it a bit tough for buyers. Plus, there aren’t many homes available to buy, which can drive up prices.
The good news is that experts predict mortgage rates might start to go down in 2024. So, if you’re planning to buy a house soon, that could be a better time to get a mortgage.
Now, here’s the big picture: The National Association of REALTORS® thinks home sales might go down by about 17.5% in 2023. But don’t worry too much. They also believe that in 2024, sales will bounce back, going up by 13.5%. And guess what? Prices might not change much this year, so it’s still possible to find a good deal.
If you’re looking at new homes, there’s some good news there too. There will be more newly built homes available in 2023 and 2024, which could mean more choices for you.
In a nutshell, if you’re thinking about buying a home in the next two months, keep an eye on those mortgage rates and consider looking in affordable regions. Things might be looking up for buyers in the Midwest and South. Happy house hunting!
What are your predictions?