Lot Size5,315 sqft
Home Size2,347 sqft
Days on Market10
Will the Housing Market Crash in 2024?
- Real Estate Tips
- September 20, 2023
Do Real Estate Experts Predict that the Housing Market Will Crash in 2024?
This is a loaded question, depending on who you are asking. However, according to Forbes, many real estate experts predict that the housing market will still be stabilized in 2024. One of the reasons why some predict that the housing market will not crash is the fact that many homeowners who purchased homes during the peak season of the pandemic have built up a significant amount of equity in their homes.
In fact, we may see homes start to increase slowly in price over the next two years or so – especially if there are more buyers on the market! This could provide an incentive for potential buyers to purchase homes now rather than waiting until prices increase further. Additionally, low-interest rates may also play a role in stabilizing the housing market.
How Do I Build Equity in My Home?
In order to build equity in your home, you need to pay off your mortgage. Now, this is easier said than done whether you have a 15-year or 30-year mortgage. Unfortunately, that’s the long and the short of it. The higher the value of your home and the lower your mortgage loan balance, the greater the equity in your home! For example, let’s say that your home is worth 300,000, and the principal balance of your mortgage is 100,000. If you have paid off 50,000 of your loan, you have 250,000 in positive equity. Typically, if you have a home project or renovation that needs to be completed, you can borrow up to 80% of the available equity in your home through a HELOC. With a Home Equity Line of Credit, you will be able to access a line of credit and use those funds for just about anything – although most borrowers will typically use them to pay off high-interest debt or fund a home project.
Will the Feds Raise the Interest Rate Again?
The interest rates rose in an effort to combat inflation. Whether or not the interest rates for mortgages will rise again depends on economic conditions and the decisions made by the Federal Reserve. If the inflation rate continues to rise, it is likely that the Feds will raise the interest rates again.
How Do I Know When It Is Time to Sell My Home?
With rising interest rates, it may be a good time to consider selling your home and taking advantage of the equity you have built up. You should consider talking to a financial advisor or real estate agent to help you decide if now is the best time to sell. It is also important to consider the market conditions and the demand for homes in your area.
Additionally, you should consider the cost of selling your home and any potential tax implications. You should also have an appraisal done to get an accurate value for your home. Lastly, it is important to weigh the pros and cons of selling before making a final decision.