The past two years have been hard for home buyers. A combination of volatile mortgage rates, high home prices, competition and bidding wars, made finding an affordable home a challenge. Fortunately, though, the new year looks like it will bring brighter days for buyers. The National Association of Realtors certainly thinks so. Lawrence Yun, NAR’s chief economist, says the worst is over. “Home buyers will have more success next year,” Yun said. “The worst of the affordability challenges are over as more inventory, stable mortgage rates, and continued job and income growth pave the way for more Americans to achieve homeownership.” The group believes mortgage rates will fall slightly before stabilizing, home prices will increase at a more moderate pace, and the number of homes for sale will continue to improve. It also expects markets in South and North Carolina, Michigan, Missouri, Arizona, Texas, Tennessee, Indiana, Connecticut, and Massachusetts to be among 2025’s hot spots.
Comments