2023 was a year of rising rates and few listings. No one can say for sure, but it seems that 2024 may bring rate relief and more homes coming to market. Owners may benefit from refinancing, and buyers who act before everyone else may beat the price increases that lower rates may cause.
Here are four things to love about the 2024 housing market:
- Rates have fallen from their October highs, with more improvement expected.
- Buyers have more choices.
- Affordability has improved.
- Values are still climbing.
Overall, if you’d like to make a move, this is a great time to get ahead of the busy spring market. Almost half of all financed homes in the United States are worth double their loan amount. Also, according to Attom Data Solutions’ Q4 2023 report, 46 percent of U.S. homeowners are in an equity-rich position due to home-price growth.
Does your home have equity? Depending on your home value and your current mortgage balance, you may have a significant amount of home equity.
If you are not a homeowner, homeownership is always a good investment. Home prices are expected to continue to rise due to supply and demand.
If you are a homeowner, let’s talk about whether a cash-out refinance is right for you. How do you access your home equity? You can sell your home or refinance your mortgage.
There are programs available that can work in the framework of today’s market and prepare you for the future, whether you want to prepare early or jump in right away.
Bear in mind that by refinancing your existing loan, your total finance charges may be higher over the life of the loan. Always consult with a tax advisor regarding the tax implications of your mortgage.
