buy a house

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.

Also…

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.

MY BIO

Randy has enjoyed over 31 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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Real Estate in Rock Hill,

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