As we embark on the journey that is 2024, I wanted to share some exciting predictions about the housing market that might interest you. So, grab a cup of coffee and let's dive in!

1. To Buy or to Rent? That is the Question!

• Making the decision to buy or rent can be a bit of a puzzle, and we get it! It's a unique choice for every household. While your new mortgage payment might initially seem higher than your current rent, remember that you do not build equity in paying rent, and rent is expected to continue to rise annually! Your mortgage payment is effectively locked in. (Yes, property taxes or insurance could increase over time. 2023 Property taxes actually went DOWN for most homeowners in SE Wisconsin).
• On the flip side, we're expecting a 4-6% property appreciation this year, and a portion of your mortgage payment goes towards paying down your debt, making it a wise investment. Plus, with Milwaukee ranking among the top 20 most competitive rent cities in the US, the stability of a fixed mortgage payment is definitely appealing.

1. Property Values on the Rise!

• Brace yourself for some good news – property values are projected to increase by a conservative estimate of 4-6% this year. Our market is growing, adding more potential buyers, but we're constructing very few new homes. 
• Combine that with a multi-year housing inventory shortage, and we may witness a spike in demand if rates drop below 6%. It's a great time to be a homeowner!

1. Rates Set to Drop Below 6%!

• The stars are aligning for favorable interest rates in 2024. With the Fed Funds rate expected to decrease, paving the way for a reduction in the 10-year Treasury bill, mortgage rates could dip below 6%. 
• As the financial markets stabilize, the increased value of mortgage bonds will allow us to pass on the benefit to consumers like yourself with lower rates. It's a win-win!

Remember, these are just predictions, but they paint a pretty optimistic picture for the housing market this year. If you have any questions or want to chat more about how these trends might impact you, feel free to reach out. Here's to a fantastic 2024 and potentially exciting developments in the real estate world!

Any questions, feel free to text me at 414-488-0438!