HOUSTON – With just days until the start of 2024, people looking to buy a new home will once again hit the streets in search of a good deal.
But over the past five years, the Houston metro housing market has been basically on fire. It is so hot with prices soaring.
With Houston real estate prices soaring over the past several years, it’s understandable many potential home buyers have been gun-shy. But if you’re looking to buy a new home for your family in the new year, real estate expert Alex Rezende says 2024 might finally be your time.
“2024 will probably be flat as a two by four,” Rezende told KPRC 2′s Bill Spencer when asked where he sees the housing market and rates going in 2024.
If you are looking to buy, you want to know the best communities to look at. Alex has these top picks for affordability and quality of life with prices in the three-hundred thousands.
“I would say Cypress, schools are great, tax rates are still very affordable, Magnolia is really really good and hot, a lot of people are moving into that area, Hockley is also another area so northwest side is still pretty hot, definitely recommend to go look at it,” he said.
Aside from home prices, the other big barrier for folks wanting to buy has been astronomical mortgage rates which now vary between 6.5 and 7.5 percent.
The experts say they do expect mortgage rates to drop slightly by about a half a percentage point.