4 Things To Love About the Housing Market

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4 Things To Love About the Housing Market

Feb 12

11:11

Category | Mortgage Speak

As we find ourselves in the heart of February 2024, the housing market presents a landscape filled with promising developments. Here are four compelling reasons to feel optimistic about the current state of affairs:

#1 Favorable Mortgage Rates

The trajectory of mortgage rates has taken a promising turn since last fall. After hitting highs, rates have descended, making homeownership more accessible for many. The Federal Reserve Board's projection of potential rate cuts further underscores this positive trend, provided inflationary risks remain manageable. Lower rates not only translate to reduced monthly payments but also signify improved affordability, particularly for first-time buyers or those looking to refinance.

#2 Increased Affordability for Homebuyers

Alongside the decline in mortgage rates, the income required to purchase a median-priced home has also decreased. This spells good news for aspiring homeowners, as it indicates a more balanced relationship between income levels and housing costs. With affordability on the rise, more individuals and families can realistically consider homeownership as a viable option, paving the way for greater financial stability and wealth-building opportunities.

#3 Housing Inventory Expands

The housing market is witnessing a notable expansion in inventory, offering buyers a broader selection of properties to choose from. Early reports suggest a surge in homes for sale, accompanied by an uptick in sellers listing their properties compared to the previous year. This increase in supply provides buyers with more options to find a home that aligns with their preferences and budget, reducing competition and potentially easing the buying process.

#4 Steady Home Value Growth

Despite the cooling of price appreciation, home values continue to appreciate steadily. Owners can take comfort in the fact that their investments are appreciating, albeit at a more sustainable pace. This steady growth in home equity not only enhances homeowners' financial positions but also serves as a testament to the enduring value of real estate as an asset class.

Bottom Line

As we continue through February, a traditionally busy period in the real estate market, now is an opportune time to either prepare for the upcoming spring rush or dive into the market head-on. Whether you're a first-time buyer, a seasoned investor, or a homeowner contemplating a move, the Greenway Mortgage team is here to provide guidance and support every step of the way. Together, let's make the most of the promising opportunities that the housing market has to offer in 2024. Contact us today to take the next step!