Over the next year, Zillow predicts that home prices in the U.S. The US will rise another 2.4%. Goldman Sachs predicts that the U.S. UU.
In addition to paying your bills on time, have you also managed to save a good amount of money? If you have a sizable portion of cash that can make a big dent in your down payment, now is a good time to buy. However, make sure you have enough left over. Lenders are more comfortable lending you money if you have additional cash reserves that can provide protection in the event of something unexpected. It places the next peak in house prices around 2024, perhaps followed by a recession in 2026 and a downward trend from there.
Among the country's 414 largest real estate markets, Moody's Analytics predicts that 236 markets will see a year-on-year increase in home prices in 2024. Inventory should return to a monthly average of 1.5 million units or more in 2024, according to the largest group (38%) of people who responded to the Zillow survey. At the same time, you could advocate a side move if you unloaded a regular home at a great price and bought one that you wanted more, even if it was also expensive. The editorial content of NextAdvisor is independent of the editorial content of TIME and is created by a different team of writers and publishers. This type of attitude sometimes leads to complacency and unnecessary risk-taking, and problems often arise.
Rent growth should remain strong in the short term, as high home prices keep many potential first-time buyers in the rental market. All this talk portends some kind of new bubble mentality, although it seems that everyone is basing their hypotheses on the most recent housing crash, rather than perhaps considering a longer term. So, is it time to enter the market to buy a home? Or is it better to stay on the sidelines hoping that prices or rates will fall over the next year? The decision depends on your finances. Despite declining buyers' optimism that now is a good time to buy a home, the number of households interested in becoming homeowners remains high.
This is especially true for younger homebuyers, who are likely to buy for the first time and are struggling to save for a down payment, as rents continue to hit record levels. First-time buyers should regain their market share before the pandemic in a couple of years, according to most experts surveyed, with 26% pointing to 2024 and 25% in favor of 2025. In fact, 73 percent of consumers believe it's a bad time to buy a home, according to the September Fannie Mae Home Purchase Sentiment Index, a monthly survey that evaluates consumers' opinions of the real estate market. Take time to pay off your credit cards and improve your credit so you can qualify for better loan terms.