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Heres whats on the radar for the housing market during the second half of 2024, according to experts.
Hopeful buyers should start preparing as early as possible by saving money and improving their credit.
The average 30-year fixed mortgage rate could end up in the 6.5% to 7% range.
Be prepared to negotiate and consider offering incentives, if necessary, he recommended.
Buyers should not expect a return to the pre-pandemic frenzy of bidding wars.
The market is likely to favor a more measured approach.
Be patient, do your research, and avoid rushing into a decision.
This could lead to a slowdown in home price appreciation as demand moderates.
This trend is particularly evident in urban centers where renting remains more affordable than buying, he explained.
Buyers should also consider exploringless conventional mortgage productsthat might offer lower initial rates, Shirshikov recommended.
Strategically pricing homes to attract serious offers quickly can also be advantageous in a fluctuating market.
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