Reported 7 months ago
Data from the National Association of Realtors (NAR) suggests that existing home sales may be slowing down, with homes spending 44 days on the market in May 2024. Experts predict that 2024 is not likely to be the year when housing prices start declining to pre-pandemic levels. Factors like a shortage of homes for sale and reluctance to give up low-rate mortgages contribute to the continuous rise in home values. Strategies for potential buyers include buying with the intention to refinance in the future, starting small with condos or modular homes, and staying patient for favorable economic factors like lower interest rates and increased housing supply to align for a potential drop in housing prices in the future.
Source: YAHOO