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Business Insider revealed its housing market predictions for 2025 in late Dec. Here’s what its experts think you need to know, especially if you’re already a buyer or seller …
Mortgage rates have increased in recent months thanks to the overall increase in home prices, which grow steadily higher by the minute (or so it feels). Some believe that affordability will improve throughout 2025 as rates start to drop. However, prices will probably continue to rise, according to BS, and “hopeful buyers should start preparing as early as possible by saving money and improving their credit.”
The average cost of a home in the U.S. is $357,469, according to the real estate website Zillow, which is up 2.5% year over year. Mortgages averaged at a rate of 6.42%, though this number has risen in recent weeks. This means buyers, especially first-time buyers, are in a tricky situation: do they really want to be stuck in an overpriced home with an expensive mortgage? Probably not.
Low Supply?
Analysis by Zillow suggests that the U.S. is 4.5 million homes short of a healthy housing supply. “When a housing market doesn’t have enough homes to meet the needs of the people living in that market, home prices and rent costs tend to go up,” BI noted of this low inventory issue.
There are hopes this issue will be mitigated by mortgage rates, should they decrease. “As mortgage rates decrease, more sellers should come onto the market and list their homes, increasing the number of for-sale homes available,” BI added. (RELATED POLL: Would You Rather Have A Cozy Winter Holiday Or A Tropical Vacation?)
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