CHARLOTTE, N.C. — For the past couple of years, we've been seeing historic homebuying trends -- especially home prices and mortgage rates -- that have kept peoples' dream homes just out of reach.
There is some good news from the personal finance website Money, though. A new report shares a kind of outlook for homebuyers heading into 2024. Specifically, it shares three things to keep in mind.
First, it's getting easier to afford a home purchase.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Last year, research from real estate agency Redfin showed only 16% of homes up for sale were considered affordable for a typical household. Redfin said that's the lowest share on record.
Rates are going down, saving people hundreds on monthly payments.
Lower rates aren't just good for buyers, the drop can benefit sellers too. Here's why: Those who bought a home at high interest may be willing to part with the property.
Second, this comes as Redfin's data shows more people are listing their homes too.
Finally, more people are also applying for mortgages. The number of applications hit a record low back in October but its slowly coming back up, and those looking for their forever home are ready to go.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.