The National Association of Realtors (NAR) projects that by 2024, mortgage rates will see an increase to 4.9%, making it more expensive to buy a home. This increase may cause the market to slow down, leading to a decrease in home prices. Additionally, the projection shows that the inventory of unsold homes will start to increase, giving buyers more options to choose from.

The COVID-19 pandemic has also had an effect on the real estate market. While 2020 saw a surge in demand for suburban homes due to the shift towards remote work, 2024 may see a shift back to urban areas as people return to office jobs. This change in demand could further contribute to a decline in home prices in certain areas.

As a potential homebuyer, it is crucial to be patient and wait for the right time to enter the market. While 2022 and 2023 may still see high home prices, 2024 is projected to be a prime time for buying a home. It is essential to do your research and be prepared for when the market shifts to avoid rushing into a purchase.

Along with timing, there are other factors to consider when purchasing a home. Make sure to carefully evaluate your budget and determine how much you can afford. It may also be beneficial to get pre-approved for a mortgage to have a better understanding of your budget and to show sellers that you are a serious buyer. Finally, work with a trusted and experienced real estate agent who can guide you through the buying process and help you find the right home for your needs. In conclusion, while the current real estate market may seem daunting, experts predict that 2024 will present a more favorable environment for homebuyers. By carefully considering the projected changes and being patient, you can position yourself to make a smart and successful home purchase in 2024. Remember to do your research, evaluate your budget, and work with a trustworthy real estate agent to help you navigate the process. With a little patience and preparation, you can achieve your dream of buying a home in 2024.