Record-low mortgage rates during the pandemic were a huge incentive for individuals and families to buy a home. Many of these buyers also have been able to quickly accumulate significant equity in their homes as home prices have escalated, says Lisa Sturtevant, Bright MLS chief economist.
This wealth gain has created financial security for this group of homeowners, and is also allowing them to be move-up buyers even in today's relatively high interest rate environment, says Sturtevant.
As a result, sellers will need to price carefully to attract buyers, especially in markets where affordability is an issue, says Realtor.com Chief Economist Danielle Hale.
The overall landscape will depend largely on how economic conditions, interest rates, and buyer preferences evolve as we move into 2025.
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