Should you buy a house in 2024? That’s the question you are asking yourself. How many hours a day do you spend on apps or websites looking at homes for sale in specific areas? You know where you want to buy, you even know what you are looking for, but if the right property is available, should you invest in that home in 2024? There are hundreds of things to answer and consider before making that determination including your own financial situation.
If you have a strong credit score, good income-to-debt ratio and you have money to put down on the property, you will be qualified to buy a home. However, those numbers will also determine how much you can borrow which is why you need to research your own budget and determine what makes sense and what type of property to focus on? When you have an idea of what to look for, contact an experienced realtor who can assist you as well.
Why You Should Buy In 2024
Real estate in 2024 is going to be moving in different directions. Interest rates will have a major impact on these numbers as well as home values and buyer demand. However, you have to put all that aside and determine whether or not you want to buy. If you feel you are ready, here are some reasons why this year may be the right year for you.
- Interest rates: If interest rates go down you need to act quickly. Not only may they not be down for long, but as soon as they drop it will help hundreds and even thousands of new buyers become qualified for homes. That’s why you need to know where you stand and what your options are before rates go down so you are ready to buy.
- Increased inventory: There has been a slowdown in buying because of the increased rates which has led to more properties being on the market, and for longer. This gives you more options to buy and when you are considering different properties, compare options that are within the same neighborhood as well.
- Prices could shoot up again: Prices have gone down a little because of the cool off in buying. However, if rates drop even a little, you will not only see more competition, but you will also see buyers not caring what the cost is because they are focused on getting a property as quickly as possible. Buy early to take advantage of possibly discounted prices.
- Motivated sellers: Sellers went from closing on their property within 30-60 days to now having to wait months to get a serious offer. They are ready to offload their property for a reasonable price and you will not only get a better deal, but you also have the advantage of getting sellers who want to move faster and complete the task, meaning they may lower the price even more if the property needs work.
- Easier to get approved: Lenders have also been hit hard in 2023 and therefore will be looking for quality buyers to work with. If you have your finances in place and are ready to go, lenders will be fighting over you.
- Selection of new and old: Most areas are going to have a combination of newer properties that cost more but are ready to move into and older ones that need a lot of work. This selection may benefit certain buyers depending on their finances and other options. However, it’s important to know that you can live in a house while it’s being fixed up so make sure you review that option if it’s something you are considering.
- Ways to cover costs: Renting out a room or AirBnb are great ways to turn your new property into a passive income machine. If you are on the fence about buying because of monthly costs, this may be a way to cover them while also getting the property you want.
- May be able to flip sooner: If you are thinking of this property as a short-term investment, your profits from a property purchased in 2024 may be far higher than those purchased a year or two later. Not only that, but you will be ready to flip much sooner so if you are planning on using this as an investment property, consider getting in sooner rather than later.
- Less competition: While buyers are ready to move, many still do not qualify because of their finances or the interest rates. This gives you a small window where you are more qualified than thousands of others and that means you can take advantage of the market and get the best property at the best deal for you.
- Easier to scout properties: Apps and websites make it easier to scout properties in specific areas and get notified when new listings show up. Because of this, you can research properties throughout the day and find the one that fits your needs the best without having to see dozens of locations.
Working with an experienced realtor helps you to determine where you stand and whether or not now is the right time for you to move forward. Keep this in mind, you are different from other buyers and the property you want is different from other properties. That means you need to be able to review the options that are available to you and make the determination based on that information. If you are not ready to buy, your realtor will show you that.
If you are ready to buy and have great options available, your realtor will also point that out as well as what gives you advantages as you are looking for properties. Determine what your budget is, what you want in a property and your preferred locations and your realtor can help you to quickly determine the likelihood of finding the right house for you. You can contact a realtor before knowing whether or not you are ready to buy a property. This is the best place to go for information that applies to you specifically.