ReCasa Financial Blog

In the last few years, high home prices have been a popular topic. Many homebuyers, including real estate investors, have wondered when the prices will start to approach affordable pricing. Many people worry about a housing crash, but real estate experts don’t believe one is in our future as the housing market and the economy look better compared to 2008. 

While mortgage rates remained high most of 2023, the last few months we have started to see a decline. In 2023, mortgage rates hit their highest point of 7.79% in October and homes averaged $400,000 in the third quarter. It is no secret that mortgage rates and low housing inventory created struggles in the housing market. While it is currently a sellers’ market, there is the possibility that it could level out if rates continue to decline.

Experts believe that it will be a better year to purchase homes in 2024. According to NAR Chief Economist Lawrence Yun, 4.71 million existing homes will be sold in 2024. While home prices may remain high in some areas, many areas will hopefully see a slight decline in prices. Many also believe that the inflation will begin to return to normalcy which has an impact on mortgage rates and hopefully will keep them lower, to around 6%. However, it could be a while until we see a 4-5% mortgage rate.

According to Redfin, in 2023 millennials believed that owning a house would never be possible and that renting is the way to go. Millennials say that high prices and fees associated with buying a house such as property taxes, insurance and maintenance, and saving for a down payment make renting look more appealing. Do you believe this feeling will change in 2024?



As real estate investors, 2024 looks to be a good year as mortgage rates are expected to decline, and housing inventory and home prices increase. What do you expect for 2024?