It is accurate to predict mortgage rate declines over the rest of 2024 and into 2025, but that does not mean aspiring homebuyers should wait to realize the dream of residential ownership any longer. Extremely tight supply levels are expected to keep housing prices elevated for the foreseeable future, regardless of how far mortgage rates fall.
A new Business Insider report on national housing market trends makes a compelling case to buy now. The report’s key points include:
- The U.S. is 4.5 million homes below what is considered a healthy supply level, according to Zillow. That kind of scarcity will push home prices even higher
- The drop in mortgage rates will significantly boost demand as many buyers finally get off the sidelines. The increased competition for available listings will drive home prices up
- Fannie Mae, the Mortgage Bankers Association and National Association of Realtors all expect home prices to rise throughout 2024, ranging from 3.8% to 6.1% overall
“As builders add more housing supply over time, price increases should moderate and competition among buyers should ease as well,” the article states. “But it may take several years before we start to see the effects of this.”
Do you really want to wait several more years and miss out on premium inventory, such as Merrick Manor’s final four available condominiums in Coral Gables?
Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”
Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.
For more information about the residences at Merrick Manor, visit our Model Residence 527 on the at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. Open from 11 a.m. to 5 p.m. on Monday through Friday and weekends by appointment.
