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🔎 Housing predictions: Which US markets will be hot in 2024?

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Mon, Jan 29, 2024 12:08 AM

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Homebuyers may flock to Buffalo, NY in 2024 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?

Homebuyers may flock to Buffalo, NY in 2024 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 🦬 Buffalo, NY has been named #1 for the hottest US housing market in 2024.¹ Things to know Housing predictions: Which US markets will be hot in 2024? Housing predictions: Which US markets will be hot in 2024? Aspiring homebuyers sat through a tumultuous housing market during 2023—we hit historic lows in mortgage application volume, and saw interest rates hit highs we haven’t seen in decades. While challenges that existed in 2023 like historically low housing inventory and elevated home prices will not be completely resolved right away, homebuyers who may have previously been priced out or left on the sidelines may have better luck in 2024. Signs are pointing in the right direction. Mortgage rates steadily declined over the last few months of 2023 and the average 30-year fixed rate fell to 6.6% for the week ending January 18—the lowest level since May 2023.² Not only that, but the change in rates may have nudged homebuyers to make moves in their homebuying journey; mortgage applications from December 2023 were up 22.2% compared to December 2022.³ The Mortgage Bankers Association (MBA) predicts that total mortgage origination volume will increase from an anticipated $1.64 trillion in 2023 to $1.95 trillion by the end of 2024.⁴ Which housing markets should be on prospective homebuyers radar in 2024? [Rate chart] [Rate chart]( Buffalo wings, named after Buffalo, NY, aren’t the only thing that’ll be hot this year! Earlier this month, [Zillow released its annual predictions]( for the hottest housing markets of 2024. Buffalo, NY took spot number one. The predictions are based on an analysis of home value growth, recent housing market activity, projected changes in the labor market, home construction activity, and number of homeowner households in the top 50 metropolitan areas according to population. Buffalo took the crown based on its affordability—which makes homeownership a real possibility, especially for younger generations looking to purchase their first home. The average home price came in at $248,445⁵, significantly lower than the national median of $389,800.⁶ That would make a 3% down payment (the minimum down payment requirement for a first-time home buyer) less than $10,000. In addition to affordability, Buffalo’s job market is expected to grow. And new jobs typically means new residents. Buffalo currently has the highest number of new jobs being created compared to the number of home construction project approvals.⁵ The remaining markets on the list are located in the south, the midwest, and the Great Lakes area. Coming in second and third for the 2024’s hottest housing markets are Cincinnati and Columbus, OH. Similarly to Buffalo, these markets tend to be more affordable but what sets them apart is how quickly inventory seems to be moving. Homes in these areas spend an average of 11 days on the market⁵ — the shortest amount of listing days compared to other markets, indicating this is where homes generally sold the fastest and signs of population growth. Choosing where to lay down roots isn’t always as easy as choosing the “hottest” housing market but while housing inventory remains low, and home prices are still elevated it’s a good idea to understand where markets are strong if you’re in the market to buy. --------------------------------------------------------------- Better Mortgage Did you buy a home when rates peaked last year? [Check your refi savings]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [YouTube]( • [Facebook]( --------------------------------------------------------------- Better Mortgage Questions? Connect with a mortgage expert now [Apply today]( --------------------------------------------------------------- Quiz Which type of mortgage loan is not insured by the federal government? - Non-conventional - FHA - VA - Jumbo [Better] [Better] [social]( [social]( [social]( [social]( ¹ [Zillow]( ² [Freddie Mac]( ³ [Mortgage Brokers Association]( ⁴ [Forbes]( ⁵ [Zillow]( ⁶ [National Association of Realtors]( © 2024 Better Home & Finance Holding Company and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC and Better Real Estate California Inc License # 02164055 provides real estate services; Better Cover, LLC sells insurance products; and Better Settlement Services provides title insurance services; Better Connect, LLC dba Better Attorney Match provides real estate attorney connection services; and Better Inspect, LLC provides home inspection services. All rights reserved. Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states. Equal Housing Lender [Equal Housing Lender]. [NMLS Consumer Access]( BETTER MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Alaska Mortgage Broker/Lender License (#AK330511); Alabama Consumer Credit License (#22548); Arkansas Combination Mortgage Banker-Broker-Servicer License (#114738); Arizona Mortgage Banker License (# 0942146); CA Dept. of Business Oversight - Finance Lenders Law License (#6052748); Loans made or arranged pursuant to Mortgage Company Registration with the Colorado Division of Real Estate (#330511); Connecticut Mortgage Lender License (#ML-330511); District of Columbia Mortgage Dual Authority License (#MLB330511); Delaware Lender License (#026589); Florida Mortgage Lender License (#MLD1484) Georgia Mortgage Lender License (#43354); Iowa Mortgage Banker License (#2018-0056); Idaho Mortgage Broker/Lender License (#MBL-2080330511); Illinois Residential Mortgage Licensee (#MB.6761046); Indiana DFI Mortgage Lending License (#330511); Kansas Mortgage Company License (#MC.0025544); Kentucky Mortgage Company License (#MC419058); Louisiana Residential Mortgage Lending License (#330511); Massachusetts Mortgage Lender License (#ML330511); Maryland Mortgage Lender License (#21438); Maine Supervised Lender License (#330511); Michigan 1st Mortgage Broker/Lender Registrant (#FR0020971); Minnesota Residential Mortgage Originator License (#MN-MO-330511); Mississippi Mortgage Lender License (#330511); Missouri Mortgage Company License (#19-2462); Montana Mortgage Lender License (#330511); North Carolina Mortgage Lender License (#L-162055); North Dakota Mortgage Broker License (#MB103296); Nebraska Mortgage Lender License (#330511); Licensed by the N.J. Department of Banking and Insurance (#330511); New Mexico Mortgage Lender License (#330511); Licensed Mortgage Banker - NYS DFS (#LMB-109666); Ohio Residential Mortgage Lending Act Certificate of Registration (#RM.804430.000); Oklahoma Mortgage Lender License (#ML011933); Oregon Mortgage Lending License (#ML-5310); Pennsylvania Mortgage Lender License (#46959); Rhode Island Mortgage Lender License (#20183669LL); South Carolina-BFI Mortgage Lender/Servicer License (#MLS-330511); South Dakota Mortgage Lender License (#ML.05201); Tennessee Mortgage License (#136757); Texas Mortgage Lender License (#330511); Utah Mortgage Entity License (#11448204); Vermont Lender License (#7618); Virginia Lender License (#MC-5863); Washington Consumer Loan License (#CL-330511); Wisconsin Mortgage Banker License (#330511BA); West Virginia Mortgage Lender License (#ML36354); Wyoming Mortgage Lender License (#3369); Nevada Mortgage Company License (# 5267) Better Mortgage Corporation, Better Real Estate, LLC, Better Settlement Services, LLC, Better Cover, LLC, Better Connect, LLC dbs Better Attorney Match, and Better Inspect, LLC are separate operating subsidiaries of Better Home & Finance Holding Company. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable and legal and regulatory requirements. Products not available in all states. Any unauthorized use of any proprietary or intellectual property is strictly prohibited. All trademarks, service marks, trade names, logos, icons, and domain names are proprietary to Better Home & Finance Holding Company. Better Home & Finance Holding Company trademarks are federally registered with the U. S. Patent and Trademark Office. Better Cover is a registered trademark with the U.S. Patent and Trademark Office and is owned by Better Cover, LLC. This email was intended for {EMAIL} [View this email online]( | [Unsubscribe](

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