BiggerPockets Daily Consumer Confidence is Growing and Housing is Following Close Behind
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Dec 10, 2024 Consumer confidence in the housing market is on the rise, thanks to the latest index showing optimism about falling mortgage rates. As buyers adapt to a new normal amidst rising prices, discussions turn to future home pricing trends. The evolving perceptions of home values indicate a shift in expectations among homeowners as they navigate economic changes. With personal savings rates shifting post-pandemic, there's a call for investors to stay vigilant for potential opportunities in the evolving landscape.
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Shifting Market Sentiment
- Consumer sentiment in the housing market is rising, with increased buyer confidence.
- Sellers, however, remain hesitant due to low locked-in mortgage rates.
Impact of Falling Mortgage Rates
- Optimism about falling mortgage rates is driving improved market sentiment.
- Consumers are adjusting to the "new normal" of higher rates and home prices.
The New Normal in Real Estate
- The "new normal" includes higher interest rates, as sellers with locked-in low rates eventually sell.
- Home prices are expected to remain high, with no major correction expected.