2025 Homebuyers Rejoice: More Choices on the Horizon!
The housing market has faced some real challenges this past year, but if you’re eyeing a new home in 2025, there’s a silver lining on the horizon. Experts are optimistic, and so should you be! It’s shaping up to be a much more favorable year for home buyers. Lawrence Yun, the chief economist at the National Association of Realtors, has some exciting news: we can expect an uptick in available homes, which means more choices and a broader inventory to explore. This surge will undoubtedly fuel home sales, making it a great time to dive into the market.
What Home Buyers Can Expect in 2025
Updated: 11:46 AM CST Dec 25, 2024
But that’s not all! Mortgage rates are also predicted to take a dip. As of last week, the average rate for a 30-year fixed mortgage was 6.72%. However, Yun forecasts that these rates could slide down to around 6%. This might not seem like much, but even a slight decrease of just 0.5% in your mortgage rate could save you approximately $150 every month! That’s a significant boost for your budget and could make all the difference in your home-buying journey.
Now, let’s talk about the flip side: home prices. Unfortunately, they’re not anticipated to decline anytime soon. The National Association of Realtors predicts that the median existing home sale price will hit $410,700 in 2025. But don’t let that deter you! Yun encourages buyers to negotiate and shop around for the best mortgage rates. It’s all about finding the lender that offers the most competitive rates, and don’t forget to consider adjustable-rate mortgages as a potential option.
Lastly, a quick tip for you future homeowners: before you get approved for that dream home loan, hold off on taking on any large debts, like a new car loan. Keeping your financial profile strong can make all the difference when it comes time to secure that home.
So, gear up for 2025, because it’s shaping up to be a more promising landscape for homebuyers. You’ve got this!
