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What to expect when buying a house in 2024

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Photo by Breno Assis on Unsplash

Written by Ben Luthi | Stacker

This story was produced by Experian and reviewed and distributed by Stacker Media.

Click here to read the full article.

Buying a home is a major financial commitment, and if you have some flexibility when it comes to timing, getting a read on the local housing market can help you maximize your savings. While there aren’t necessarily good times or bad times to buy a home, understanding market conditions can help you decide the best time for you, personally.

Last year’s housing market was marked by record home prices and interest rates that reached a 23-year high—a combination that spelled widespread unaffordability. With many would-be buyers priced out of the market, mortgage originations declined last year. This dip in new loans is reflected in Experian data on mortgage inquiries, which shows 2023’s levels down throughout every month of the calendar year. Overall, mortgage debt increases lagged behind other major types of debt, rising a relatively slight 3.2% from Q3 2022 to Q3 2023, according to Experian data.

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