Our Real Estate Expert Names The Biggest Trends We’ll See In The 2024 Homebuying Season –

It’s understandable that people want to wait to buy a new home when rates are lower, especially if they have a set budget to spend on the mortgage. With rates skyrocketing over the last few years, many people had to put their buying plans on hold, trying to wait out the extreme jump and other major real estate trends from 2022. Lindsey Schmidt explained that it’s normal for people to try and hold off. “I’ve had several clients that were holding out over the last two years and now realize that as they wait, they are continuing to build someone else’s equity through renting.” She exclusively told House Digest that while this was a common choice, it still left people pouring their hard-earned money into someone else’s pocket.

While rates might not have gone back down to what they were before the 2022 inflation, they are dipping, allowing people to breathe easier after seeing their rates linger around 7% at one point during 2023. Schmidt noted that 2025 will see a shift in the waiting game when buying and selling homes. “I think we’ll see more sellers willing to sell in 2025,” she said. “Many were holding out because they are locked into their current home with a low-interest rate and can’t afford the same amount of house with current rates.” Not only does Schmidt think people will begin putting their homes on the market again, she also believes buyers have finally accepted higher rates.