Home prices nationally are expected to rise over each of the next 5 years, although at a slower pace than the recent surge in pricing, Fannie Mae predicts.
To avoid further price hikes, it may be time for buyers to emerge from the sidelines. Keller Williams Realty is seeing the return of buyers in the Plymouth and Cape regions. “It looks like the spring market started strong already – toward the end of January,” said Keller Williams’ Operating Principal and Broker Kathleen Fuller, who heads the Plymouth and Centerville offices. While a small data sampling, anecdotal reports from her agents cited listings attracting multiple offers.
What were the top three reasons why buyers recently took a pause from home shopping? Bright MLS cites:
- High mortgage rates,
- Low inventory, and
- Affordability of homes due to the recent price surges.
According to Fannie Mae, national home prices are expected to rise 2.35 percent in 2024 and continue at slightly higher and higher rates through 2008. If you are worried about falling home prices, don’t be, notes KCM (Keeping Current Matters). Experts forecast home prices will keep rising.
