TAG June 2024 Newsletter for Huntsville Alabama

June TAG Newsletter 2024

Should I Wait for Home Prices to Drop?

Home values have soared since 2020. Many have seen their equity skyrocket over the last few years while locking in historic low rates. With rates pushing 7%, we hear, "Should I wait for home prices to drop before I buy?"

If you wait, you might be disappointed.

• Fannie Mae predicts home prices will rise 4.8% year over year.

• The Mortgage Bankers Association predicts rates could reach 6.5% by the end of 2024

• Demand is up - pending homes have increased over 45% since the beginning of January in Madison County

While our inventory is increasing, we continue to operate with low inventory. Almost half of the inventory is comprised of new construction. Buyers are settling into higher interest rates, and buyer demand remains strong.

All of this points to a stable market and steady appreciation. Zillow is often wrong, so if you want a more detailed market analysis, give me a call or email.

-The Abercrombie Group

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