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#9 - 2024 Seattle Housing: Is THIS the Year for Millennial Buyers?
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In the latest episode of the Seattle Real Estate Podcast, experts discuss the future of the housing market, particularly for millennials. With prices having soared in recent years, many first-time homebuyers, especially millennials, feel they've missed their chance due to high prices and missed low interest rates. However, 2024 brings a glimmer of hope. Experts predict a drop in interest rates, although they caution that low inventory could still lead to competitive bidding, potentially driving prices up.
For millennials eager to enter the market, the advice is clear: act sooner rather than later. Despite the current higher rates, the possibility of refinancing in the future should be considered. They also stress the importance of preparing for the purchase - from saving for a down payment to ensuring a good credit score. Additionally, with a potential interest rate drop in 2024, the Seattle housing market could become even more competitive.
For those able to buy now, it might be a wise decision, as the market is expected to ramp up in the latter half of 2024. The podcast underlines the importance of getting financially prepped and being decisive in a market that's ever-changing and increasingly competitive.
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