Is 2024 finally the perfect time to buy a house?
As 2023 wraps up, many of those predictions have held true.
In fact, people on both sides of the market are waiting for something to shift.
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At the same time, interest rates were still low and investors saw opportunities to buy properties as well.
But since then, interest rates nearly doubled, and inventory dropped as a result.
Thats because many current homeowners were suddenly wary of selling and losing their low interest rates.
The market continues to be fluid, saysCristina Menendez, Realtor Associate at Brown Harris Stevens in Miami.
Higher rates mean higher monthly mortgage payments, and higher costs over the life of the loan.
Menendez believes change is on the horizon as 2023 comes to a close.
A slowdown is coming.
The demand is picking up, she says.
She points to two major changes in the market, the first from the federal government.
Premiums will be reduced from 0.85% to 0.55% for mortgages signed on or after March 20.
If interest rates scare you, Nicastro suggests looking at new builds.
It is time to stop paying the landlord’s mortgage and invest in your future.
Historically, after election cycles buyers tend to be more comfortable and activity increases, she says.
But buyers will likely waste time and energy trying to time their purchase with a fickle market.
Should You Buy a House in 2024?
Trying to time your personal milestones with the real estate market is a recipe for failure.
Instead, Bloch suggests starting by taking a look at your finances.
Compare lenders and look for a good real estate agent.
Then, decide what you want in a home.
The choice is personal, and its a good idea to spend some time weighing the trade-offs.
Its always a good time to buy a home.
