What’s next for the New Mexico housing market in 2024?

What’s next for the real estate market in 2024?

Mortgage rates are expected to drop in 2024 but what could that mean for you?

ALBUQUERQUE, N.M. — For anyone looking to buy into the housing market, this year has been challenging but experts say it could improve in 2024.

In December, the average mortgage rate dropped to below 7% for the first time since August after they reached the highest levels since 2000.

Here in the Albuquerque metro and New Mexico, what will 2024 look like? Real estate expert Skip Adams predicts rates could drop to the 5% range.

Adams expects more buyers to enter the market as rates drop. He also expects the rate drop to be good for the market and for more people to get back in. From there, sellers may be more inclined to make a move as selling and getting stranded will be less likely.

Adams offers some advice on what you should know if you’re thinking about buying into the market. In the video above, he also talked about what else a rate drop could bring.