Equity Will Grow
Many experts expect home prices to continue to increase in 2024, but not by much. Freddie Mac thinks that 0.8% will be the growth rate, and the National Association of Realtors has pegged the number at 2.6%. Remember that these are only predictions.
The critical thing to remember as a homeowner is to watch your equity to ensure it improves. To find your equity, calculate your home value minus what you own on your mortgage. A real estate or mortgage professional can help you with this as a free service.
No Real Estate Market Crash
Home prices will probably grow a little slower in 2024, but a collapse in the market is improbable. It boils down to supply and demand. The demand for homes is high, and the supply is insufficient to meet the demand. That means home prices are doubtful to go down soon.
Regardless of Where you Live, Buyers are Interested
As noted above, there are not enough homes to meet buyers’ demand. That includes individual buyers as well as investors. Buyers may be willing to buy homes missing some of the perks they are looking for, such as highway access. The truth is that now may be the perfect time to sell your home.