Real estate is an ever-evolving industry. The best tips and tricks for buying a home one year may be completely different from what you need to do to successfully purchase real estate the next year, and 2024 is no different.
So, what do potential homebuyers need to know about successfully buying a home in 2024? A recent article from realtor.com outlined some of 2024’s must-know real estate rules, including:
- Rates will be more accessible, so now is a time to make a move. 2024’s higher interest rates had many would-be buyers waiting for interest rates to drop before starting their home search. But forecasts predict that 2024 will see rates fall to the mid-6% range by the end of the year — a significant decrease from the 8% rates seen in 2023 — making it a much better (and more affordable!) time to buy a home.
- Competition will be fierce. As those interest rates drop, more and more potential buyers are likely to enter the market, which will likely lead to fierce competition for homes. So, if you find a home you love, make sure to come in with a strong offer, as you’ll likely be competing with other offers.
- Sellers will be more likely to negotiate. The past few years have been a seller’s market, and, as such, sellers were generally less likely to negotiate with buyers. But as the market shifts in 2024, sellers may be willing to make more concessions in order to successfully sell their home, like covering closing costs, or buying points to lower the buyer’s interest rate.
