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(InvestigateTV) — Existing home sales were up almost 10% in February, as buyers and sellers ramp up for the “spring buying season,” according to the National Association of Realtors (NAR).
Michael Joyce with the financial firm Agili said mortgage rates are expected to decline in 2024. He mentioned that a lot of people have been waiting out home prices, wondering if they should buy or continue to rent.
Joyce said if you are looking to buy, don’t just consider what your mortgage payment will be.
“You have insurance, you’ve got maintenance, you’ve got property taxes,” he reminded buyers. “Now when you’re renting, you’re probably also paying those just not directly. That’s generally included in your rent and rent has been going up at more than the rate of inflation.”
Joyce said the housing supply is still low in many markets and a lot of boomers are aging in place, getting home health care and staying put, which also affects the prices.
He shared several steps …
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