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What You Need to Know Before Buying a Home in 2024

Thinking about making the big leap into homeownership in 2024? Let’s talk about a few things to think about before you make the move. Here’s your game plan for buying a house in 2024:

READY TO TAKE THE PLUNGE INTO HOMEOWNERSHIP? Let’s make 2024 the year you become a proud homeowner! Contact us today.

1. Overview of the Housing Market

Understanding the real estate market is the first step to buy a house in 2024. Fortunately, things are looking up for those looking to purchase a home this year. According to Realtor.com, Redfin, and Zillow’s housing market forecasts, mortgage rates will drop this year, with 30-year interest rates settling around 6.5% by the end of 2024. 

Sometimes, it’s all about timing because we’re also starting to see different trends in different communities! Hence, partnering with a REALTOR® who knows the market like the back of their hand is important.

2. Impact of Interest Rates

In today’s market, interest rates are still fluctuating, and we’re still seeing a potential increase and decrease every week, which will change your homebuying power. In fact, experts predict that following record-high interest rates and housing prices in 2023, interest and mortgage rates will begin to decline this year.

When buying your dream home, it’s crucial to stay in constant contact with your lender to understand what that impact looks like for you

3. Off Market Properties

Finding off-market properties could be valuable for first-time buyers searching for a more affordable price point. Since off-market properties may not have as much exposure, there is less competition and more room for negotiation, which sometimes leads to cost savings.

Since off-market properties are exclusive listings that aren’t available to the general public, it’s important to partner with a real estate agent who has access to these off-market properties so you don’t miss out on hidden gems that could potentially be your forever home!

So, should you buy a home in 2024? If you find your forever home and can afford the monthly payments at the current rates, then there’s no reason to wait! Although the market remains tough for buyers, now is still the best time to start your search.

Now is also an excellent time to begin preparing your credit history. Ensure that you are prepared to take on the responsibilities of being a homeowner while ensuring your finances, credit, and job are all stable.

WE HAVE THE KEYS TO YOUR DREAM HOME WAITING FOR YOU! Get in touch with us today and let’s start the search for your forever home together.