Many first-time home buyers are curious about what will happen to the housing inventory in the coming year. In 2023, there weren’t many homes for sale, which caused a lot of competition and high prices. This made it especially hard for people buying a home for the first time, as many already face financial challenges. Now, prospective buyers want to know if things will be the same with the housing inventory in 2024. Below, we’ve discussed the matter in detail.
2024 Housing Inventory: What to Expect
There’s no way to say for sure what will happen to the housing industry in 2024. And certainly not all experts agree on the matter. But, the good news is, there are a fair number whose predictions are on the positive side.
For example, experts at Morgan Stanley predict to see an increase in new home construction. If construction picks up the pace, the availability of homes will grow, helping to alleviate the tight conditions that have characterized the market in recent years. This increase in inventory would be crucial for first-time buyers since it would provide more options and potentially more favorable pricing.
Experts at the National Association of Realtors also believe that construction rates will increase. The chief economist is predicting that 2024 will see around 1.04 million new single-family home construction units. That’s a major improvement from 2023!
Tips for First-Time Home Buyers in 2024
While all of this is certainly good news for first-time home buyers, it will still take a while before issues surrounding the housing inventory are resolved completely. Experts believe that the shortage is likely to persist for several more years. That means first-time homebuyers need to be on top of their game. Some steps you can take to increase your odds of success include:
- Save more for a down payment and improve your credit score to get better mortgage deals.
- Be open to different locations and types of homes to find more options.
- Keep up with market trends to know when and where to buy.
- Be ready to make quick decisions on homes you’re interested in.
- Work with an experienced real estate agent who knows the market well.
- Look into special loans and programs for first-time buyers that offer help with down payments or lower interest rates.
- Stay patient and keep looking, even if it takes a while to find the right home.
Get Help with Buying Your First Home in 2024
Mortgage Solutions Financial is here to help you navigate the complexities of the 2024 housing market. Contact us today to get more information on our services for first-time home buyers.
