Summer 2024 Market Update: Top Tips for Homebuyers!

The real estate market is buzzing with activity, making this summer the perfect time for homebuyers looking for their dream home!

Whether you’re a first-time buyer or looking to buy a new home, here’s a quick rundown of the current market trends and what to expect this season.

1. Interest Rates

We are seeing information come out from economists and the Federal Reserve (Fed) that indicates that interest rates may come down. According to experts, we’ll see a slight decrease in mortgage rates this year, despite them still being quite high. The average 30-year fixed mortgage rate may ultimately fall between 6.5% and 7%.

This means that many people can still afford to get a mortgage, but it may end up saving you money if you act now rather than later. Stay in close contact with your lender and real estate partner to ensure you make the most informed decisions and have the most accurate information about your buying power!

2. Inventory

Inventory is another key factor to consider this summer. We’re seeing more inventory build up in the market, which means there is still a healthy selection of homes available! We are witnessing an increase in the number of homes remaining on the market for a little while longer in cities that have historically had extremely low inventory levels, such as Grapevine, Colleyville, Southlake, Keller, Hurst, Euless, and Bedford.

As spring and summer are the most active buying seasons, you’ll have more inventory to choose from, but you’ll also most likely deal with more competition. When you find a home that suits your needs, it’s important to stay informed and move quickly!

There probably won’t be one perfect time to buy this in 2024 since it really depends on what’s important to you. So, take some time to figure out what matters most to you and what your top priorities are. 

Stay proactive, partner with an experienced real estate agent, and you’ll be on track to finding your forever home this season!