Are you planning to buy a new house in 2024? You must stay on top of the rapidly changing market. Housing prices are fluctuating and are currently higher than normal. Mortgage rates are high as well. You’re going to need to be savvy to get a good price for the home you want while getting a mortgage at the rate you want.
Here are a few home-buying tips that might make the process a little easier.
Four Critical Home Buying Tips in 2024
1. Look into new construction
In years past, the recommendation was to buy an existing home, but the situation has changed in the 2020s. The supply of existing homes on the market is currently quite low, and prices on them can be high; possibly too high when compared to the real value of the property.
Meanwhile, many construction companies are hurting for work. This has created a situation in which you may be able to get an excellent deal on new construction, especially if you’re willing to forego fancy amenities such as granite countertops.
2. First home? Make the most of incentives
Many states have programs in place to incentivize home purchases for first-time buyers. Depending on the state, these may come as a financial rebate on the home, tax credits, or special low mortgage rates. Right now, it pays to do some research and see if there’s any way you can qualify for government assistance.
3. Shop around for mortgage rates
With mortgage rates so high in 2024, you should do at least as much shopping for your mortgage as you do for your new home. Don’t automatically use the lender with which your real estate agent partners. Contact every bank and lender you can find and spend plenty of time exploring your options. Having a pre-approved mortgage in hand can also be a big help when bidding for homes!
4. Consider waiting until later this year
It might be a good idea to simply wait for a few months before getting serious about your purchase. It isn’t guaranteed, but many market watchers think the Federal Reserve will lower prime rates in a few months, which would lead to mortgage rates dropping as well. You may be able to get a much better deal if you hold off on purchasing.
Finally, as always, be sure to look for a great real estate agent who will help you find the best deals! Click here to learn more.
You’re in a better position than you think if you want to sell your home in 2024. The current volume of existing homes on the market is low, which makes it a seller’s market. Still, you need to be smart. Several home selling mistakes could cost you big money, or even prevent a sale from going through. Avoid these missteps.
Don’t Make These Home Selling Mistakes
1. Failure to disclose property issues
Few things can tank a home sale faster than if the buyer discovers you’ve tried to cover up issues that must be legally disclosed. Know the disclosure laws for your area and be sure to follow them to the letter. Also, with the market volume so low, buyers may be more willing to buy homes with issues.
2. Overlooking the costs of long sales periods
Cash buyers are more common on the market today than in years past. They typically offer less money than you may be asking but offer the assurance of a fast sale with few chances of complications.
Don’t be too attached to your initial asking price. Think about how much it costs to maintain the home month after month while keeping it in sellable condition. Those costs directly cut into your profits. Selling now for a lower price could easily be more profitable than holding out for months hoping for a better offer, so do the math before deciding.
3. Poor photography
Bad photographs are a major turn-off to buyers. Even if the home itself is in bad shape, people can spot cellphone snaps and will be wary if they look low-quality.
If you want your home to be more attractive to buyers, hiring a professional home photographer is an investment that is easily justified. Great photographs will do a lot to sell your home, even before a potential buyer steps foot inside.
4. Poor staging
Finally, if you want your home to sell, you need to make it look as presentable as possible. It should look like a “model home.” Keep the rooms immaculately clean and try to remove all signs of habitation whenever someone comes to visit. Buyers want to imagine themselves in your home, and seeing your stuff all over the place will create a psychological barrier for them.
Plus, don’t forget that a great real estate agent can help you get better prices. Click here to learn more!
The new year is here, and for many people, that will bring the question: Is 2024 a good year to buy a house?
The housing market is in flux, which is leading to a lot of uncertainty among would-be buyers. The current mortgage interest rates are a particular sticking point, having hit a high of 7.79% on 30-year-fixed mortgages by the end of 2023. That will add considerably to monthly payments for a new home.
However, interest rates alone shouldn’t be a reason to avoid buying. There are some unique aspects to the housing market right now which means it could still be a great time to buy.
4 Reasons To Buy a House Despite High Interest Rates
1. Home prices are continuing to (slowly) rise
While the upswing hasn’t been dramatic, home prices have been creeping upwards by a few percent a year for a few years now. Much of this has been driven by investment groups buying property in bulk, which creates demand and pushes prices up. Nothing suggests this trend is likely to change any time soon. Pushes to limit corporate property investment are limited to a handful of regions. This means even with higher interest rates, waiting another year could end up costing more than you’d be paying today.
2. You can refinance later
Just because you have a high interest rate on your mortgage doesn’t mean it has to stay that way. Rates are likely to decrease again over time, so after a few years, you will probably be able to refinance at a lower rate.
3. You’ll have less competition
Another major point in favor of buying this year is that many people won’t be buying. The high interest rates are scaring some people, and that’s good for those who have the fortitude to buy. You’ll have less competition for prime homes, and may even end up in a better negotiating position because of it. Homeowners who are highly motivated to sell but unable to find buyers due to higher interest rates may also be more flexible about pricing.
4. If you need a house, it’s not worth waiting
Some people buy property as an investment, but others simply need a new home. If that describes you, the interest rates aren’t nearly high enough to make buying prohibitive. Buy the house you need now and look for better financing options down the line.
Need help finding a house you can afford? We can help! Just contact us for a free consultation.
When selling a house, it’s vital to understand the laws surrounding seller disclosure. “Seller disclosure” is the obligation upon sellers to properly document and disclose problems with the property that might not be immediately obvious to buyers. Selling a home without proper disclosure can lead to a lawsuit, so it’s vital to understand your responsibilities.
There’s no single list of rules to follow; disclosure laws vary by state and even by city. However, here are some general tips and advice that can help you stay on the right side of the law:
Proper Seller Disclosure When Selling a Home
1. Things you must disclose
- Basic physical properties of the residence, such as the size of the lot, square footage of the house, etc.
- HOA membership information and regulations
- If the property has ever been exposed to toxic substances, such as asbestos, chemical waste, etc.
- Known natural conditions including floodplain location, protected animal species dwelling, etc.
- Known problems, such as water leaks, termites, etc.
- Neighborhood nuisances like unpleasant smells from a factory or farm; noise from a nearby airport, etc.
- Repairs made to the property throughout ownership
- Results of any home inspections that have been conducted
- Violent or illegal deaths on the property
2. You can’t disclose what you don’t know
Ignorance may not always be bliss, but it can be a legal excuse when it comes to disclosure laws. Because potential problems with any property exist, the seller can’t be expected to know about all of them, especially for a property that has changed hands many times. Some sellers use this as a reason to not request an inspection before listing the home. In that case, it is the buyer’s responsibility to inspect the property.
3. Don’t make guesses
Some attributes of the home might be fuzzy, such as the exact square footage of the living space. Ideally, either the seller or buyer will hire a surveyor to determine the precise numbers. As a seller, you should not “guess” or go with an average, because that could be seen as a false representation if the square footage measurement is wrong. Don’t make any claims that can’t be supported by official documentation.
4. When in doubt, disclose
If you aren’t certain if you’re required to disclose something, it’s best not to risk an expensive lawsuit. Disclose everything you think might be important. Even better, consult with a real estate lawyer for more information.
If you’re selling a house, we’re here to help! Contact us to learn more.
When you’re in the market for a home, one of the first decisions to make is whether to buy an existing home on the market or pay more for a new construction home. New construction has a lot of benefits that can make it worth the investment, but there are drawbacks that should also be considered.
Is a new construction home right for you?
Pros of Buying a New Construction Home
- Customization is possible – Depending on the developer, you may be able to customize your new home as it’s being built. If you have a specific vision in mind, this could be easier than searching for an existing home that matches your needs.
- Energy efficiency – New constructions are typically built using the latest energy-saving standards. All the built-in appliances, insulation, etc., will be brand-new and in top condition. This should lower your monthly power bills.
- Everything is new – The biggest benefit to new construction is that everything is new. It’s going to all be built to code, and in all likelihood, it will be years before the home needs major repairs or renovation.
- Warranty protection – Most new construction will carry warranties from the builders and/or material manufacturers. If there is a problem, repair should be inexpensive.
Cons of Buying a New Construction Home
- HOAs – It’s rare to find new-construction homes that aren’t part of a homeowner’s association, and new-construction HOAs tend to be the strictest. They could impose rules that feel prohibitive to your lifestyle.
- Lengthy construction time – New homes can take several months to build and many factors can delay construction. Expect to wait three months minimum. Six to 9 months isn’t uncommon. If you need to move quickly, buying a new construction home may not be possible.
- Limited landscaping – Your new lawn is likely to be underwhelming for months, if not years because the greenery needs time to mature. This could be offset with specialty landscaping, but that increases the price.
- Off-gassing – “New home smell” is a real thing. Building materials and chemical substances used in new-home construction can release airborne toxins. Families with allergies, breathing conditions, or sensitivity to VOCs (volatile organic compounds) may have issues with new construction.
There’s a lot to consider when exploring new home options. For help in the [CITY] area, contact [CLIENT].