Homeownership is rising in 2024 as the announcement of decreasing interest rates this year has made owning your own home even more attractive. If you have been considering purchasing a home, 2024 is the right time to do it.
Reasons To Consider Buying A Home:
One key benefit is the opportunity to build equity over time as you pay down your mortgage. This equity can be a valuable asset and can be accessed through home equity loans or lines of credit. Owning a home provides stability and a sense of security. You have control over your living space and don’t have to worry about landlords changing rental terms, offering a more stable and secure living arrangement. Owning a home can also be a part of a long-term financial plan. As you pay off your mortgage, your housing costs decrease, offering financial security, especially in retirement.
Homeownership also allows you to personalize your space according to your preferences. You have the freedom to make home improvements and renovations, creating a living environment that suits your lifestyle. With a fixed-rate mortgage, your monthly payments remain stable over the life of the loan. This predictability can make budgeting and financial planning easier, providing peace of mind. Homeownership often fosters a sense of community. You become part of a neighborhood, and the connections formed with neighbors can contribute to a strong sense of belonging.
Your Home Buying Journey
- Interview and enlist the help of a licensed realtor. Your realtor will have direct access to mortgage lenders and other vendors needed to make your home-buying journey seamless.
- Apply for your home loan with a mortgage lender. This pivotal step opens the door to insightful conversations about options, monthly payments, considerations for the down payment, and understanding the necessary closing cost requirements. A tailored game plan will be made to strategically navigate your home-buying journey.
- Find your perfect home with the help of your savvy real estate agent. She/he will help you navigate inspections, surveys, and/or appraisals. They will also assist in coordinating things between the title company, lender, and the listing parties.
- Prior to closing on your home, your realtor will help coordinate utilities and other pre-closing needs. Once you close you will be handed the keys to your brand new home!
2024 Housing Market Predictions
2024 may be a better year to purchase a home—at least for some. While home prices will likely remain elevated—and even increase in some markets—industry experts expect prices in certain areas of the country to soften. Economists are also optimistic that the Federal Reserve is done with its rate-hiking campaign to lower inflation.
Rothstein et. al, Forbes, 01/18/2024.
If you are considering purchasing a home in 2024, be sure to analyze your financial situation to ensure that the pros outweigh the cons. The housing market outlook was once bleak, but better days are on the horizon.
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