Charlotte will be one of the hottest housing markets in 2024, though we’ve slipped from the 2023 No. 1 spot and the 2022 No. 5 Spot, according to an annual Zillow report. What to Expect.

Mortgage rates Are Here To Stay: Don’t expect any wild swings in rates. “We won’t be going back to 4%,”

The Flow Of Sellers Is Likely To Pick Up: With rates not budging, homeowners who need to move are starting to realize they can’t wait forever!

Because Of That We Will See More Inventory: There will be more homes on the market, but it likely won’t be a significant increase. “I think we’re still going to be overall low on inventory.”

…And Possibly More Affordability: More homes may mean a fall in housing prices, but it likely won’t be anything significant. It’s been really tough for affordability for buyers. And I don’t think anything next year is going to change that.

It WILL Be Cheaper To Rent – In Some Cases: Before the pandemic, it was equal or cheaper to buy in a lot of circumstances. Now, it can be cheaper to rent a single family home or comparable townhome or apartment.

• If you’re just looking to save money, then certainly it’s less expensive from a monthly standpoint to to rent.

New Construction Will Continue To Be A Strong Option: Builders are the quickest to adapt to the market — they can offer incentives sellers can’t like rate buy-downs. In that type of financing arrangement, borrowers can opt for a lower mortgage interest rate for a certain number of years.

NAR Forecasts 4.71 Million Home Sales in 2024

NAR forecasts that U.S. GDP will grow by 1.5%, avoiding a recession, with net new job additions slowing to 1.7 million in 2024, compared to 2.7 million in 2023 and 4.8 million in 2022. After eclipsing 8% in late 2023, he expects the 30-year fixed mortgage rate to average 6.3% and that the Fed will cut rates four times – calming inflationary conditions – in response to slower economic activity.

Instant Reaction: Mortgage Rates, January 14th, 2024

Mortgage interest rates continue to hold steady at 6.66% this week. As mortgage interest rates have been flat since December 21, home buyers can plan smartly as they enter the buying market.  Potential buyers know the homes they view are within their price range without any expected large swings.

While more buyers are expected to enter the market in spring as mortgage interest rates decline, bidding wars could intensify in a limited housing inventory environment. These bidding wars are likely to push home prices up in some areas. Even last year, as mortgage interest rates were higher and there were fewer buyers, the most difficult task for home buyers was finding the right home…continue reading