Housing Market Forecasts for the Second Half of the Year

The housing market has been confusing lately — rising home prices, changing mortgage rates, and all that. But experts are starting to share what they expect for the rest of the year. Their predictions bring some hope and helpful info.

Here’s the good news from Business Insider:

“As mortgage rates go down this year, buying a home may become a bit more affordable. Also, more homes are expected to be available, which should slow down price increases and make it easier to find a home.”

Let’s break it down:

1. Mortgage Rates Will Drop a Little

Experts don’t expect a big drop, but mortgage rates should go down slightly as the economy becomes clearer. Even a small drop can lower your future monthly payment and ease your budget.

Just keep in mind, many things like inflation and jobs affect rates, so expect some ups and downs. Don’t try to guess the perfect time to buy.

2. More Homes Will Be for Sale

Homeowners are getting tired of waiting because mortgage rates didn’t get better fast. So more people are listing their homes now, and this will probably continue. More homes for sale means more choices for you!

3. Home Prices Will Grow More Slowly

With more homes available, prices won’t rise as fast as before. Experts expect prices to go up about 2% this year — slower than before, which can be a relief if you’re buying.

Remember, housing markets are different depending on where you live. Some places may still see prices rise quickly, while others might even see prices drop if many homes come up for sale. Ask a local real estate agent for details about your area.

Bottom line:
If you’re thinking about moving this year, experts say the market should improve. Reach out, and let’s talk about how you can take advantage of these changes!

Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.