Navigating the 2024 Housing Market - Here are 5 Tips for You

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A handful of more optimistic analysts foresee a potential increase in housing inventory this year, potentially leading to a slight dip in prices. However, the majority predict that 2024 will offer only marginal improvement, if any, over the challenges faced in 2023.

Having personally navigated the tumultuous housing market last year, I can offer some insights into what to expect in 2024. Here are my recommendations:

  1. Deliberate yet decisive: Despite some easing in demand due to higher interest rates, the imbalance between home buyers and sellers persists. Properties in good condition and reasonably priced continue to sell swiftly. With houses often receiving multiple offers within days, it's crucial to be clear about your needs and act promptly when a suitable property arises.

  2. Stay vigilant with listings: Given the rapid turnover in desirable areas, staying vigilant with property listings is essential. Regularly checking real estate apps or websites, and setting up notifications for new listings matching your criteria, ensures you don't miss out on potential opportunities.

  3. Beware of quick flips: While freshly renovated homes may appear enticing, exercise caution as many may have undergone superficial updates for a quick resale. Researching the property's sales history on platforms like Zillow can reveal if it has recently been flipped. A thorough inspection is advisable to uncover any underlying issues.

  4. Prioritize inspections: Despite the temptation to waive inspection contingencies for competitive bids, never forgo a home inspection. It serves as a crucial safeguard against unforeseen and potentially costly issues, ensuring you make an informed decision about the property's condition.

  5. Don't be deterred by rates: While current mortgage rates may seem high compared to historic lows, it's essential to acknowledge the current reality. Although there's speculation about rate adjustments in the future, waiting for significant rate drops may lead to prolonged indecision. Ultimately, the decision to purchase should be based on factors beyond just interest rates. 

 

Source: Yahoo! Finance

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