Home Buying Outlook: Brightening Skies Ahead with Krista Klause!

Over the last year, you've probably heard how challenging it has been to purchase a home 🤯. But hold on to your hats, because things are looking up! According to Elijah de la Campa, Senior Economist at Redfin:

“We’re slowly climbing our way out of an affordability hole. Rates have come down from their peak and are expected to fall again by the end of the year, making home buying more accessible 📉🏠.”

Let’s break down the trio of trends affecting home affordability: mortgage rates, home prices, and wages.

1️⃣ Mortgage Rates

While rates have danced around the 6%-7% mark this year, they've dipped from nearly 8% last fall. And guess what? They're expected to drop even further in the second half of 2024 🎉! Even a small decrease in rates means lower monthly payments, making that dream home within easier reach.

2️⃣ Home Prices

Home prices are predicted to continue rising this year, but at a gentler, steadier pace thanks to a better-supplied market 📈. This means prices won’t skyrocket, giving you a more stable playing field for buying. The forecasts from several organizations agree: expect growth, but nothing like the pandemic spikes.

3️⃣ Wages

Now, for some really great news: wages are on the rise! Data from the Federal Reserve shows wages climbing faster than usual 💰. A bigger paycheck means a smaller chunk of your income goes towards your mortgage, enhancing affordability.

Bottom Line

Adding it all up, we see mortgage rates likely to dip further, home prices growing steadily, and wages increasing faster than usual. These factors together paint a promising picture for your home buying prospects 🎨🌈.

If you're ready to explore your options in this evolving market, Krista Klause is here to help! Dive into your home buying journey with confidence and expert guidance at your side 🌟. Let’s find your dream home together! 🗝️