December is the time of year when housing market experts release their forecasts predicting what they believe will happen in the year ahead. So far, market experts have generally been optimistic about conditions in 2024. And, according to one newly released forecast, one of the top reasons for their increased optimism is the likelihood that the inventory of homes for sale will improve. Why does that matter? Well, too few homes for sale has been a big frustration for today’s home buyers. Not only has it led to more competition for the homes that are on the market, it’s helped drive up their price. According to the forecast, when mortgage rates began to rise in 2022, many potential home buyers put their plans on hold. Now, with rate increases beginning to calm, homeowners may be ready to list their home and make the move they’ve been delaying over the past year or so. With additional inventory and steadier rates, affordability will improve and home buyers will finally get some relief. (source)
