Thinking about diving into the real estate market or building your dream home this fall?
You’re not alone!
As we roll into the season of pumpkin spice and cozy sweaters, let’s take a peek at what’s brewing in Michigan’s housing market. Whether you’re itching to buy or thinking about custom-building, I’ve got three predictions that will help you navigate the market with ease this autumn.
Ready? Let’s dive in!
1. 🔻 Mortgage Rates Are Set to Cool Down
Finally, some good news! 🙌 After what feels like an endless rollercoaster of rate hikes, experts predict mortgage rates will dip toward the end of 2024, landing around 6.3%. What does that mean for you?
Lower monthly payments and, wait for it… more buying power. Yep, you read that right! If you’ve been perched on the fence, now’s the time to make your move. With a little extra wiggle room in your budget, you can snag that dream home or start your custom build without the extra pinch.
Pro Tip: Get pre-approved now so you can pounce when the rates dip. Your future self will thank you!
Sources: Houzeo, Norada Real Estate Investments
2. 💰 Home Prices Will Stabilize
After the wild ride of skyrocketing prices (remember when homes were practically flying off the market?), we’re finally seeing things level out. Sure, we’ll still see a gentle increase—about 6.1% by the year’s end—but nothing like the price spikes of recent years.
This means your custom home build costs will stay way more predictable. So, whether you’re dreaming up that Pinterest-worthy kitchen or plotting your perfect outdoor oasis, now’s your chance to design without fearing a surprise price hike!
Plus: Fewer bidding wars means more chill vibes when you’re hunting for your perfect place. Who doesn’t want that?
Sources: Social House News – Good News Only, Norada Real Estate Investments)
3. 🏡 Increased Inventory: More Homes, More Choices
Dreaming of building that custom home in Michigan’s beautiful fall landscape? You’re in luck! Builders are ramping up construction, and as inventory rises, so do your options.
Whether you’re buying land to create your personal retreat or choosing from a new selection of homes, this fall is all about choice. More flexibility, more homes, more chances to find exactly what you want. You can finally have your say in what that dream home looks like!
Want an open floor plan? A wraparound porch? A kitchen with the island of your dreams? The options are endless!
Sources: Norada Real Estate Investments, Century Communities │ Top US Homebuilder
So, what do you say? Whether you’re a first-time buyer or just ready for an upgrade, fall 2024 is shaping up to be the perfect time to make your move. Ready to chat about your options?
Let’s talk! Connect with Leah at vitalerealestate.com/contact and start planning your dream home journey today! 📞
FAQs
- What is the forecast for mortgage rates in fall 2024?
- Mortgage rates are expected to dip to around 6.3% toward the end of 2024, giving buyers more flexibility and increased buying power.
- Will home prices drop in 2024?
- While prices will continue to increase, they are expected to stabilize, with a predicted rise of about 6.1%, making it a more predictable market for buyers.
- Is fall a good time to buy a home in Michigan?
- Yes! Fall 2024 presents an excellent opportunity with increasing inventory, stabilizing prices, and lower mortgage rates making it ideal for both first-time and seasoned buyers.
- What should I know before custom-building a home?
- With stabilizing home prices and increased inventory, 2024 offers a great opportunity to start your custom build, ensuring predictable costs and more choices for customization.
- What are the benefits of getting pre-approved for a mortgage?
- Getting pre-approved gives you a head start when mortgage rates drop, allowing you to lock in a better rate and make offers quickly on the homes you want.
- Are bidding wars still a concern in 2024?
- Bidding wars are expected to be less intense due to the increased inventory, meaning you have more time and flexibility when making offers on homes.
LEAVE A COMMENt