Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.
To help ease that concern, here's what experts forecast will happen with prices this year.
Experts Project a Modest Increase
Check out the latest home price forecasts from eight different sources (see graph below):
Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains:
“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”
What Does This Mean for You?
Experts are saying home prices will go up this year, and that's good news if you're thinking about buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time.
Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy, waiting just means it will cost more later.
The projections for the Washington Eastside real estate market in 2024 are undeniably exciting. As we foresee an increase in home prices, it's evident that this vibrant and sought-after region will continue to thrive.
With its excellent schools, picturesque neighborhoods, and proximity to tech hubs, the Eastside offers a lifestyle that's hard to resist. For those considering buying or selling a home here, the potential for appreciation is promising.
However, it's crucial to remember that the market can be dynamic and unpredictable. While the forecasts are positive, it's wise to work closely with experienced professionals to navigate the nuances of the Eastside real estate market. Whether you're a seasoned investor or a first-time homebuyer, now is a compelling time to explore the opportunities that await in this thriving corner of Washington.
This is our perspective based on current market trends, complemented by our professional real estate expertise.