Network Indiana
INDIANAPOLIS — Home buying in 2024 may finally mean some relief for Hoosiers looking to buy a home after a year in which rising interest and home prices weren’t exactly the best environment for buyers.
Real estate experts predict that with inflation leveling out and interest rates starting to come down, buyers may have their window in 2024 to get a good deal on a home.
“I think there’s a lot of great people that are going to take advantage of the lower interest rates as well as the more inventory that comes in the spring and summer,” said Mike Jones, the managing broker and owner at RE/MAX At The Crossing in Indianapolis. “This is going to be a really exciting year.”
Jones tells WISH-TV that the bad news is home prices are not likely to come down themselves. Instead, lower interest rates than last year will make things more appealing. Usually, winter is a slower month for buying, but Jones said he has seen an increase in the number of homes his firm has sold this season.
“Interest rates have already started to drop a little bit,” he said. “We’re seeing people starting to take advantage of those already this early in the year, and we’re expecting those to drop even more.”
Higher home prices certainly benefit the seller, Jones added.
“A lot of the homeowners already have a lot of equity built into their properties so you have a lot of people making a lot of money when they want to sell, and buyers that have become a lot more normalized with the rates.”
But, he said a growing problem is the number of corporations buying homes for cash and then flipping them to make a profit. Jones said it makes it more difficult for regular buyers to compete. There is legislation before Congress to try and address this practice.
Mortgage rates should average out to about 6.8%, according to Realator.com. December 2023 ended with a rate of 6.61%.
