We have seen mortgage rates skyrocket in the past two years and now we are starting to see those same rates start to drop, Greycoat specialists comment. The housing forecast for the next year shows that the next few months are going to be crucial for mortgage rates.
Also, that they are going to start to drop even further as the market recovers and as the market starts to get back to former rates, Greycoat specialists add. All that being said, the price of homes is still set to climb in the next few months.
Instead of the drop of 4% that was predicted at the end of 2023, it is now predicted that the prices of homes will go back up by 3% over the next few months. So, what does this mean? It means that the decline in mortgage rates and the increase in home prices is set to make for a very interesting year. And, Greycoat adds, possibly an increase in the number of homes that are going to be bought and sold over this next year.
All over this, Greycoat Real Estate Agency is gearing up for a very exciting year and is getting ready to help buyers and sellers alike move more homes than ever before (CoStar).
All these changes are positive and do mean great things for the market as a whole. This means that things are starting to get back to normal and that things are starting to move back toward what we once knew and what we were once used to in terms of sales, purchases, and in terms of the overall market. Learn more about what the rental rates mean by contacting Greycoat Real Estate by phone or online at https://www.greycoat.com/.