Dave Ramsey: 3 Texas Housing Market Predictions for 2024 – Yahoo Finance

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Curious as to what 2024 real estate has in store for Texas? Money expert Dave Ramsey can offer up some insight for those interested in buying a home in Texas this year.

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In a post on his website Ramsey Solutions, Ramsey shares some of the top predictions from real estate gurus about the Texas housing market. Let’s see what makes it into the top three predictions for 2024 Texas real estate.

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Texas Will Be a Less Hot Market With a Solid Supply of Homes

Many in the real estate community may recall Texas enjoyed a healthy stint as one of the hottest states to move to during the COVID-19 pandemic.

Since then, the market has relaxed a bit with the post on Ramsey Solutions citing Marcus Phipps, chairman of Texas REALTORS, saying there are now more active listings in the Texas market.

This doesn’t mean Texas has become any less popular with buyers. Rather, it means buyers have more homes to choose from thanks to a larger inventory.

Instead of rushing to make an offer and beat out the competition, buyers can take a little more time to decide if they want to buy a home in a specific area.

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Some Home Prices Will Increase, But a Housing Crash is Highly Unlikely

There is an expectation that some homes will increase in price in 2024, though the post on Ramsey Solutions noted many Texas homes have relaxed prices.

What leads to increased home prices? According to the Ramsey Solutions post, the Texas housing market has a little over three months of home inventory. For the market to be balanced, this number needs to reach six to six and a half months’ worth of housing supply.

As for a potential housing crash, buyers can rest easy knowing this is highly unlikely to occur in Texas. The Ramsey Solutions post said the housing inventory would have to go up substantially to exceed buyer demand which is not likely to happen this year.

People Will Continue To Buy Homes

There have already been headlines in the news about whether it’s smarter to buy a home or rent in 2024.

While it is true that renters do pay slightly fewer expenses than homeowners and interest rates are still quite high, this doesn’t mean most buyers are planning to sit 2024 out. There is still a strong demand for buying homes.

Texas, the Ramsey Solutions post reads, is also a great spot for buyers who want to buy homes thanks to the state’s tax-friendly laws and cheaper housing prices.

What Should You Do Before Buying a Home in Texas?

If the predictions mentioned above sound like they’re in your wheelhouse and you’re interested in buying a home in Texas this year, now is the best time to prepare financially.

For buyers, the post on Ramsey Solutions recommends making sure you have paid off all outstanding debt and have about three to six months’ worth of expenses in an emergency fund.

You should also have enough money saved up to pay for the down payment. At a minimum, buyers should have about 5% to 10% saved for a down payment, but the Ramsey Solutions post recommends putting down 20% to avoid paying for private mortgage insurance (PMI).

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