If you're thinking of making a move this year in Conejo Valley, two housing market factors are probably on your mind: home prices and mortgage rates. You're wondering what's going to happen next and whether it's worth it to move now or better to wait.

The best decision you can make is based on the latest information available. Here’s what experts are saying about both prices and rates:

What’s Next for Home Prices?

A reliable source for home price forecasts is the Home Price Expectations Survey from Fannie Mae, which includes input from over one hundred economists, real estate experts, and market strategists. According to the most recent release, experts project home prices will continue to rise at least through 2028.

While the rate of appreciation varies year-to-year, this survey indicates we'll see prices rise (not fall) for at least the next five years at a more normal pace.

What does this mean for your move? If you buy now, your home will likely grow in value, and you should gain equity in the coming years. If you wait and prices continue to climb, the cost of a home will only be higher later on.

When Will Mortgage Rates Come Down?

This is the million-dollar question in the industry, and there’s no easy answer. Many factors contribute to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains:

“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy, and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

What happens next depends on where these factors go from here. Experts are optimistic rates should come down later this year but acknowledge that changing economic indicators will continue to impact them. As a CNET article states:

“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events, and more.”

If you're ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you.

Bottom Line

Let’s connect to ensure you have the latest information on home prices and mortgage rate expectations in Conejo Valley. Together, we’ll review what the experts are saying so you can make an informed decision about your move.