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It won’t be impossible to buy a house in 2025 — just be prepared to play on hard mode. According to a November 2024 report from ICE Mortgage Technology, the monthly principal and interest payment on an average-priced home is $2,385. While that’s not the highest it’s ever been, it’s still a sharp increase — nearly 80% — from just three years ago. In November 2021, when mortgage rates averaged 3%, the monthly principal and interest on an average-priced home was $1,327 per month. So here’s the key to buying in 2025: Look ahead, not back. Regret won’t help you budget for today’s new normal. And with this year’s election also in the rearview mirror, so is some uncertainty among buyers and sellers that historically slows the market during every presidential election cycle. “People have just been kind of sitting waiting to see what’s going to happen,” says Courtney Johnson Rose, president of the National Association of Real Estate Brokers, an industry group for Black real estate agents. “I’m hopeful that the new year will bring more attention to real estate, more excitement to real estate, and more opportunities for first-time home owners to get in the game.” Preparing to buy a house is a lot like dressing for the weather. It’s easier when the outlook is sunny — but with some planning, you can gear up to face any condition. Here’s what housing market experts are forecasting for the upcoming year. First, home prices: We’ll likely see more modest growth in 2025, a change from skyrocketing prices in recent years. After 16 consecutive months of year-over-year price increases, the median existing-home sales price hit $407,200 in October, according to the National Association of Realtors. In 2025, with more supply trickling in to temper price increases, NAR chief economist Lawrence Yun forecasts a median existing-home sales price of $410,700, up just 2% over this year. Next, housing inventory: Demand still outpaces supply. While we don’t expect a return to a buyer’s market, competition should be less cutthroat. Realtor.com forecasts a balanced market in 2025 with an average 4.1-month supply of homes for sale, up from an average 3.7-month supply so far in 2024. That would make 2025 the friendliest market for buyers since 2016, which had an average 4.4-month supply. Finally, mortgage rates: After topping 8% in October 2023, the 30-year mortgage rate has slowly eased into the 6.5%-7% range this year. Rate cuts from the Federal Reserve have helped nudge that downward. Despite earlier optimism, forecasters’ latest consensus is for rates to effectively plateau above 6% throughout 2025. That said, every year has its wild cards. In 2025, it’s still uncertain how President-elect Donald Trump and a Republican-led Congress might shake up regulations and tax policies that affect the U.S. housing market. National forecasts don’t analyze what matters most: Your personal cash flow. To get ready to buy, first meet with a financial advisor or use an online calculator to determine . You can also get free or low-cost advice from a housing counselor sponsored by the U.S. Department of Housing and Urban Development (HUD). Next, look into from state housing finance agencies, local governments, nonprofits and mortgage lenders. Your employer or labor union might offer assistance, too. First-time buyers with income below their area median have the most options, but repeat or higher-income borrowers can qualify for some programs as well. “I think that there’s a lot of free money being left out there,” Rose says. Your not-so-secret weapon for buying in 2025 just might be an experienced buyer’s agent. “Anybody can write a contract,” says Sharon Parker, associate broker with Tate & Foss Sotheby’s International Realty in Rye, New Hampshire. “But you need somebody who’s seen the market, the ups and downs, who knows how to get creative because every transaction is different.” Following a , buyers can now negotiate their agent’s compensation up front. (Previously, home sellers took on that task.) While new norms are still shaking out, Rose says she hasn’t seen too much drama since the change took effect in August. “So as long as buyers remember that we have to talk about this in the beginning of our relationship, everything typically works out fine,” she says. Finally, it’s time to shop for a mortgage. To get the best interest rate, get a quote with at least three different lenders. You could also delegate the shopping to a mortgage broker, who can compare quotes and even negotiate a lower rate on your behalf. Though brokers charge a fee, their access to more mortgage options and lower rates can often mean net savings overall. With a in hand, it’s go time. And you don’t have to wait until spring: If you’re ready to buy now, buyers have less competition and more negotiating power from December through February, so you could snag a deal. “The people who are selling and the people who are buying in the off season are very serious,” Parker says. “They’re not just lookie-loos.” However, lower inventory means fewer choices for buyers. So start your search prepared to compromise — a “good enough” house will still help you build equity. If a down payment or monthly mortgage payment is financially out of reach, there’s no shame in postponing your search to pad your savings. And owning a home isn’t the right lifestyle choice for everyone, with the ongoing commitment of money and time. But once you’re ready to buy — whether for the first time, or to upgrade or downsize — avoid the trap of waiting for a dip in mortgage rates. “Nobody can predict what the market, or the world, is going to do,” Parker says. “There is no better time than right now.” Mortgage rates will always fluctuate, and if they drop significantly, you can refinance. For first-time buyers, homeownership is a major financial glow-up — and the sooner you jump in, the longer you’ll have to build home equity. “Time value of money is really, really critical when it comes to real estate,” Rose says. “So I would always encourage somebody to buy as soon as you can and get the clock ticking.”
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L.A. County 5 th District Supervisor Kathryn Barger started serving as chair of the Board of Supervisors for the 2024-25 term on Tuesday, her office announced in a news release. There are some immediate changes that will be implemented in the board’s meeting schedule at Barger’s direction, the release states. As memorialized in a letter sent to her colleagues on Tuesday, effective Jan. 1, board meetings will be held every Tuesday. This will result in the convening of 36 Board of Supervisors meetings in 2025 – an increase of over 50% in meeting frequency. Public comment on policy motions not held for discussion by the Board of Supervisors will now take place at the start of the board meeting instead of at its end. “It’s an honor and privilege to lead the Board of Supervisors as we continue to tackle the critical issues facing our county,” Barger said in the release. “None of us know exactly what this next year will hold. But, here’s what I will say with certainty: The county of Los Angeles remains a strong and stable safety net for our communities. As someone who has dedicated my entire career to county service, I know the importance of our county’s role. Our commitment has always been to serve residents — and that will not change in the year ahead, no matter what is happening elsewhere. Los Angeles County will continue to stand as a beacon of hope, a safe harbor for our residents when they need us most.” Barger stated in the release that she will focus her chair year on uplifting public safety and unity. “Her public safety work will center on helping people experiencing homelessness and foster youth, as well as investing in health and mental health systems,” the release states. Barger’s priorities also include supporting public safety agencies to ensure neighborhoods and businesses are protected, according to the release. The Peace Officers Association of Los Angeles County recently bestowed the President’s Award upon Barger for her achievements and support of the law enforcement mission. While delivering remarks about her upcoming chair term, Barger addressed her fellow supervisors directly, the release states. “To my colleagues, I promise I will serve this board with a steady hand,” Barger stated in the release. “I will seize opportunities for collaboration and continually emphasize that we’re at our best when we see one another’s perspectives. We owe it to our communities to work together. There’s a reason county supervisors don’t have an ‘R’ or a ‘D’ next to their names on the ballot. County government is not about politics. It’s about people.” Barger brings over three decades of leadership and experience exclusively focused on Los Angeles County government, according to the release. To view Barger’s remarks, go to tinyurl.com/yn448thd . For her full speech, go to tinyurl.com/2yybzunc .
Hope, heart and healing: See how the 2024 Season of Sharing campaign is helping Oregonians