A recent survey from NerdWallet reveals that 15% of people are planning to buy a home this year, marking a new record high for this survey. This is a significant jump, especially since the percentage has typically been between 9-11% since 2020. What’s key here is that this increase shows that buyer demand is still strong, and in fact, it suggests there's pent-up demand just waiting to return to the market.

In fact, more than half (54%) of those potential buyers have already started browsing homes online, according to the same NerdWallet survey. This is a good sign that many of these buyers will be actively searching during the peak homebuying season this spring. By partnering with the right agent to ensure your home is prepped, priced, and marketed effectively, you can position your property in front of these eager buyers.

Today's headlines about home prices can be confusing and make it hard to grasp the current market trends. Some reports suggest that home prices might be due for a correction, but what does that really mean? It’s useful to start by understanding what a correction entails.

In today’s housing market, a correction doesn’t imply a dramatic fall in home prices. Instead, it means that after a period of rapid increases, prices are starting to stabilize and grow at a more moderate rate. While local markets can vary, a significant national decline is not on the horizon.

If you’re considering buying or selling a home, you’re likely keeping a close eye on mortgage rates and wondering what the future holds.

One key factor influencing mortgage rates is the Federal Funds Rate, which determines the cost for banks to borrow money from one another. While the Federal Reserve (the Fed) doesn’t set mortgage rates directly, it does control the Federal Funds Rate.

This connection is why many are eagerly anticipating any changes the Fed might make to this rate. A decrease in the Federal Funds Rate typically puts downward pressure on mortgage rates.

Even if you didn’t own a home back then, the memory of the 2008 housing crisis likely lingers. That downturn profoundly affected countless lives, leading many to fear a repeat. However, there's good reason to be reassured: today's housing market is fundamentally different. According to Business Insider:

“Despite widespread concern, the majority of housing market economists do not foresee a crash in 2024 or beyond.”

Experts are confident for several reasons. Unlike in 2008, when an oversupply of homes contributed to the crash, today's market faces an undersupply issue, despite recent inventory growth. The housing supply primarily comes from three sources:

Homeowners selling their properties (existing homes)

New home construction

Distressed properties (foreclosures or short sales)

In recent months, experts have adjusted their predictions for 2024 home prices based on current data and market trends, expressing even stronger confidence in price increases rather than declines.

Let's delve into how experts' perspectives have evolved and the driving forces behind these changes.

Comparing 2024 Home Price Forecasts: Then vs. Now Examining the chart below reveals the initial and revised projections of seven expert organizations regarding home prices in 2024. Initially, experts anticipated marginal increases in home prices this year. However, a closer look at the updated forecasts indicates a significant shift, with experts now foreseeing more substantial price hikes than previously anticipated.

Thinking about purchasing your first home can be overwhelming, especially when considering the various costs involved, notably the down payment. Many believe that saving 20% of the home's price is a prerequisite, but this isn't necessarily accurate.