The Year of Lower Rates & Higher Prices?
Part 2: Home Price Projections: Beyond interest rates, the real estate market on the North Shore is expected to see an uptick once again in home prices in 2024. According o projections from Fannie Mae, home prices are anticipated to rise by 2.4%. Freddie Mac is even more optimistic, forecasting a slightly higher increase of 2.7%. These projections indicate a continued trend of appreciation, making it a favorable market for existing home- owners. For those already on the property ladder, this upward trajectory in home prices can be seen as a positive factor for building equity. Higher home values contribute to increased net worth for homeowners, potentially creating new financial opportunities. "According to projections from Fannie Mae, home prices are anticipated to rise by 2.4%. Freddie Mac is even more optimistic, forecasting a slightly higher increase of 2.7%. These projections indicate a continued trend of appreciation, making it a favorable market for existing home-owners”.
By Ryan Skaggs VP Mortgage Lending
Part 1: Interest Rate Projections As we step into the new year, homeowners on the North Shore have much to anticipate, especially in terms of interest rates. The Federal Reserve (FED) has indicated a significant shift in its policy, signaling a potential decrease in interest rates. For existing homeowners, this could translate into exciting prospects, particularly in the realm of mortgage rates. The FED's plan to cut interest rates is a response to the economic landscape and aims to stimulate economic activity. Lower interest rates typically lead to more favorable borrowing conditions. For homeowners looking tap into their equity or potential buyers seeking to enter the market with a current ultra-low rate, this is positive news.
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