Advice for a Successful Home Purchase in 2024

If you’re planning on buying a home in 2024, you may be wondering what to expect. Below, we’ve shared some tips for a successful home purchase.

2024 Housing Market Outlook

Right now, housing demand still outweighs supply due to a shortage of available homes for sale. Because of this, home prices are expected to increase this year, creating a potentially challenging situation for prospective buyers.

At the same time, experts at Fannie Mae and the Mortgage Bankers Association believe that mortgage rates will steadily decline this year and next. This is good news, but it could also spur more buyers to enter the market, so prospective buyers should be prepared.

Tips for a Successful Home Purchase

All this being said, a successful home purchase is definitely still possible. But it may mean you need to be strategic about your approach. Here are some tips that can help you navigate the 2024 housing market with ease:

Get Prequalified for a Mortgage: Before you start looking, get prequalified for a mortgage. This step will help you understand how much you can afford and strengthen your position as a buyer when you make an offer.
Be Clear About Your Needs and Wants: Distinguish between what you need and what you want in a home. Prioritize your needs so you can make quick decisions when a property that fits your essential criteria comes on the market.
Stay Flexible: Consider broadening your criteria. Being flexible about factors like location, property size, and home features can open up more options.
Act Quickly: In a competitive market, homes can sell fast. Be prepared to view homes and make decisions promptly. However, avoid making hasty decisions that you might regret later.
Make a Strong Offer: With the help of your real estate agent, craft a competitive offer that’s appealing to the seller but still within your budget. Consider ways to make your offer stand out, such as a higher deposit or flexible closing dates.
Consider New Construction: If existing homes are scarce or overpriced, consider looking into new construction homes.
Be Prepared to Negotiate: There’s always room for negotiation. Your agent can help you negotiate the terms and price of your purchase, potentially saving you money.
Keep an Open Mind: Sometimes, the right home might be one you initially overlook. Revisit homes that didn’t initially make your shortlist; they might have potential with a few changes or updates.
Stay Informed: Keep an eye on market trends and prices in your desired area. This knowledge can help you make informed decisions quickly.
Work with a Knowledgeable Real Estate Agent: A good agent who knows the local market can be invaluable. They can alert you to new listings immediately, offer insights into the bidding process, and provide advice for your particular situation.