Does 2024 include a big move for you? From first-time buyers to seasoned investors, here’s a list of five things for home buyers and sellers to consider in 2024 to better prepare them for the real estate journey ahead.
Interest and mortgage rates.
It’s always a good idea for potential home buyers and sellers to keep an eye on interest and mortgage rates. Since October 2023, mortgage rates have begun to steadily decline from 8% to 7–6%. But rates will most likely remain volatile.
Experts suggest paying attention to the Federal Reserve’s interest rate decisions for a hint at where mortgage rates are going in 2024.
The long-term value of owning a home.
Homeownership is one of the most reliable and quickest ways to build wealth for a variety of reasons. First of all, it stabilizes a homeowner’s housing expenses with fixed monthly payments. Second of all, as you continue to pay off your mortgage loan, you build equity in the home.
Hence, you add value to your net worth.
Think about what you need versus what you would like.
Whether you are a first-time home buyer or you’ve done it before, figuring out your needs versus what you want helps you narrow your search. And, from there, you can begin adding on those wants.
Industry experts have predicted that a few of those key features for 2024 include sustainability, luxury amenities and seamless outdoor-indoor living spaces.
Calculate your budget.
Knowing your budget is not a new idea, but it remains one of the top things for home buyers and sellers to consider in 2024. In general, designating about 25% of your net income toward a mortgage payment is a good rule of thumb.
It’s a good idea to work with your local Realtor or mortgage lender to help calculate your budget.
Working with an experienced local Realtor.
Finally, when it comes to things for home buyers and sellers to consider in 2024, working with a knowledgeable local expert is key. In terms of finding the right Realtor for you, talk to a few different Realtors. Ask them questions, read their reviews and ask about their rates and fees, for example.
If you aren’t sure where to start when it comes to finding a Realtor in Lee County, our member search offers a listing of Realtors, real estate offices, affiliates and more.
A new year goes hand-in-hand with new possibilities and opportunities, and that includes investing in real estate. Become more familiar with our local market and the opportunities ahead by connecting with us on Facebook, Instagram and LinkedIn, where we share local statistics, insights and more. For more buying and selling tips, local news and trends, continue to read our blogs.