The 2024 housing market has been rougher than the two-day stubble on Matthew McConaughey’s jaw! Good news is on the way, though, because housing giant Zillow says things are looking up for next year! Let’s check it out!
Here are Five Fast Facts on predictions for the 2025 housing market:
- 👍 Current State - Home sales rose 2.9% year over year in October, the first yearly increase in three years! The average home value also went up 2.6% to almost $360k. Giddyup and go!
- 📈 Going Up - Zillow predicts that home prices will go up another 2.6% next year, and home sales will go up to about 4.3 million (from 4 million expected this year). But it won’t be a straight steady line…
- ⛹️ Rubber Ball - …because they’re also expecting mortgage rates to bounce up and down like a rubber ball! The inflation under a new Presidential administration’s policies will drive that, but it’s really hard to see how that’s going to go quite yet. Shoot for refinances and purchases when dips happen. Pull the trigger at the right time and you could score big!
- ☀️ Go South - Most current local buyer’s markets are in the Southeast, but it’s likely more will pop up in the Southwest, next year, too. So if you’ve been eyeing warmer weather it might be a good time to find a great deal and kick back on the nearby beach!
- 📏 Size Matters - But not the way you think! The word “cozy” showed up in 35% more listings this year compared to last year. That’s realtor code for “small,” kinda like how “quaint” means crappy.
🔥Bottom line: Buying or selling a home in recent years has been out of reach for a lot of people. With the indicators we’re seeing now, hopefully things will get both easier and more affordable in the next year. Let’s give that two-day stubble a good shave, shall we? 😉
Are you looking to buy or sell a house in the next year?
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