4 reasons to ramp up your home search in 2024
It’s almost a new year, which means we’re all contemplating big moves in the future. Some of us more literally than others. We know the current real estate market hasn’t been the easiest to navigate, whether you’re a potential first-time homebuyer or have gone through the process a few times.
However, interest rates should be on a gradual downslope during the next year, and now may be a great time for prospective buyers to focus on their home searches again. Here are a few reasons why, according to the folks at Realtor.com.
Inventory is growing. Before, inflation and interest rates were the two “I” words people wanted to talk about, but now everyone in real estate is focused on another word: Inventory. This means the number of houses on the market. There have been too few houses for sale compared to a traditional market for years, but housing stock has been rising throughout 2023. Inventory grew 5.1% from September to October, and experts are seeing signs that more homes might be on their way to market.
Prices continue to increase too. Despite the prevailing feeling that it’s also a confusing market for sellers right now, prices in many places around the country are holding steady or ticking up. This may mean predicted price declines may never happen, and waiting for lower interest rates or prices won’t be worth it in the long run. However, looking at data specific to your market is important – which is why a good REALTOR® is invaluable.
There’s less competition from other buyers right now. Real estate is always cyclical, but it’s hardly ever been as extreme as the last few years. Even as buyer conditions improved, there are far fewer active lookers than during the pandemic years. It’s still competitive, but the world of white-hot bidding wars, making major concessions and skipping home inspections is no longer the reality. Plus, if you start looking seriously again during the start of the year, you’ll get a head start on the traditional busy season in the spring.
If buying now makes sense, do it. We often include a variation of this piece of advice in these lists, but it’s worth repeating. “Timing the market” isn’t a good option for many buyers or sellers. If you find a home that fits your current and future needs, it could be the right one for you. Need more convincing? Let’s go back to the Realtor.com article.
“The advice I give to home shoppers is that if you find a home that fits your needs and your budget and you’re ready to commit to homeownership and living in the same place for the next several years, it makes sense to move forward.”
The bottom line is no matter when you’re ready to buy – or sell – a house this year, our teams are the title and closing professionals you want on your side. Contact us whenever you need us in 2024. We’ll be here for you.
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