2025 Housing Market Poised for a Rebound!
Hold on to your house hunting hats, potential buyers! The housing market is expected to take a turn for the better in 2025, offering more opportunities for those who've been priced out or waiting on the sidelines.
Here's what housing experts are predicting:
- Sales are expected to jump! After a rough 2024 with sluggish sales, existing-home sales are projected to surge by 7% to 12% next year.
- Prices are still rising, but slowly.
Buckle up for some sticker shock, but it won't be as bad as recent years. Home prices are expected to rise just 2%. - Mortgage rates are settling in. Say goodbye to the crazy mortgage rate swings of 2024. Rates are expected to hover near 6% in 2025, making homeownership more attainable for many.
- More houses on the market, finally! Listings are on the rise with a projected 20% annual increase. This means more options for buyers and a more balanced market overall.
What this means for you:
- Buyers: Here's your chance! With more inventory and stable rates, 2025 could be a great time to find your dream home. However, affordability challenges may still persist for first-time buyers.
- Sellers: The market is still in your favor! While the breakneck price increases of the past might be over, you can still expect a good return on your investment.
The experts say:
- "The worst of the affordability challenges are over," says Lawrence Yun, chief economist at the National Association of Realtors.
"More inventory, stable mortgage rates and continued job and income growth pave the way for more Americans to achieve homeownership."
Remember: The housing market is complex and local factors can vary.
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