Is 2024 The Year to Buy A Home?

If you’ve been eyeing homeownership and held off last year due to the competitive real estate market and high interest rates, guess what? 2024 might just be your year to shine.

Here’s the scoop:

Buying a home is a big deal and isn’t something that should happen overnight, so if you are thinking this might be the year to make your move, you’ll want to start planning and preparing early.  That way when “the one” pops up, you can make it yours. 

The First Step

Early Planning Pays Off: Buying a home is a significant endeavor and not something to rush into. If you’re contemplating making your move this year, early planning is the key to success. By gearing up in advance, you’ll be ready to seize the opportunity when “the one” pops up.

For first-time buyers, kickstart your journey with an educational meeting to understand the ins and outs of the home buying process.

Next Steps:

1. Explore Mortgage Options: Discover the myriad of loan options available. I can connect you with reputable lenders who cater to your unique goals and financial situation. The most important part of the mortgage piece, though, is truly understanding how your desired monthly payment and down payment equates into the right purchase price for you.  Even the most savvy people don’t understand how the math works, but you should before you start looking at homes.
2. Open House Exploration: Explore neighborhoods and homes to narrow down your preferences. This ensures a more efficient house-hunting experience. With condos, you’ll also get an idea of monthly HOA fees and amenities in different buildings.
3. Assistance Programs: Uncover government assistance programs tailored for mid-income buyers, first-timers, veterans, and more. These programs can significantly enhance affordability.
4. Credit Strengthening: Your credit score matters. Work on improving it to secure favorable mortgage terms. Remember, if you’re a couple purchasing together, both partners need to focus on building credit. It can take 6 months or more to improve your score, so start today. Pay your bills on time, don’t take on any large debt, and double check your score for inaccuracies.
5. Determine Affordability: Set realistic budget boundaries by understanding how your desired monthly payment and down payment translate into the right purchase price.
6. Save for a Down Payment: Boost your savings for a down payment, showcasing financial responsibility and solidifying your position as a low-risk borrower. Remember, owning a home isn’t only its purchase price, but it includes other costs such as taxes, insurance, maintenance, and possible HOA fees. With a larger savings account, a lender knows you’re financially responsible and less of a risk.

As you can see, it’s important to start planning early if you want to buy a home this year. That way you can be ready for “the one” when it comes up.  I’m here to help you make it possible.  If you are ready to get started, our first step is to schedule a meeting to talk through the steps and create a specific plan for you.  You can schedule a time here.

Cheers to making 2024 the year you call a place your own!