Waiting to buy a house until 2024 is a big decision, and one that many potential homebuyers will be considering carefully. With the housing market in a state of flux and the economy uncertain, it’s important to be informed about the pros and cons of waiting until 2024 to purchase a home.
We’ll discuss the factors that could influence the housing market in 2024, including economic trends, mortgage rates, and the availability of homes for sale. We’ll also look at the potential benefits of waiting until 2024 to buy a house, such as having more time to save for a down payment and the potential for a better deal on a home. Finally, we’ll explore potential risks of waiting until 2024 to purchase a house, such as missing out on a favorable interest rate or waiting too long and missing out on the best deals.
Whether you’re looking to buy a house now or wait until 2024, this article will provide you with the information you need to make an informed decision.
What’s the Current State of the Housing Market?
As we move into 2023, experts in the housing market are carefully observing the economy and its various influences, such as high inflation, high-interest rates, international political tensions, and worries of a recession. These are all having an effect on the housing market, leading to a correction. Mortgage rates have been decreasing, now being less than double what they were a year ago, which is a sign that the market is changing.
And after a period of rapid increases, home prices seem to be decreasing gradually, making it more difficult for people to purchase a house at a price they can afford. The average price of existing homes as of December was 2.3% higher than it was a year ago, according to the National Association of Realtors.
The month-over-month sales price for existing homes has decreased for the last two months and is approximately 11% lower than the peak of $413,800 reached in June. This is the 130th consecutive month of year-over-year price increases, which is a record, yet the rate of YOY increase was slower than in November.
It looks like the drop in rates has encouraged some potential homebuyers to take the plunge, as the Mortgage Bankers Association reported a 7% increase in mortgage applications compared to the previous week. Despite high housing costs, it appears that some buyers are now coming back into the market.
Overall, home sales have decreased for the eleventh month in a row, dropping 1.5% from November to December. Compared to the same time last year, sales have seen a decrease of 34%.
It is difficult to say whether or not it is a good idea to wait until 2024 to buy a house. The economic outlook is uncertain, and there are many variables that could affect the housing market in the coming years. The best course of action is to do your research and make an informed decision.
If you are planning to purchase a house in the near future, it would be wise to examine the current market conditions and consider the potential risks and rewards of waiting until 2024 to make a purchase. Additionally, it is important to keep in mind that the housing market is always changing and that no one can predict what will happen in the future.
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