The Home Buying Process

Your Dream Home Awaits in 2024

If you are thinking of buying a home but are not sure whether it is a good time to do so, the better question to ask yourself may be:  "is now a good time FOR ME?"

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Yes, it is a good idea to be aware of the state of current economic indicators and your local housing market but your financial situation and life goals are better determining factors when making this important decision. 

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Advantages for home buyers today:

Competition is up for buyers in the Mid-Atlantic area for 2024 but opportunities do exist. There are several micro-markets - some are up, some are actually down. Condos are experiencing longer days on market but some single family homes are receiving multiple offers on day one. If a home has been on the market more than a month, it is considered stale in today's market so you may be able to negotiate better terms. (In a balanced market, a home isn't considered stale until after 3 months). Also there are several helpful lender and government programs for eligible buyers. I believe that home ownership is essential to building wealth, and the best time to buy a house is (fill in the blank) years ago. So start now, your future self will thank you! 

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Challenges for home buyers in 2024 (and how I can help!):

Low Inventory

Demand for homes is high compared to available inventory. There are many techniques I use with my clients to make sure their offer is the one accepted. (And it’s not always just about the price.) I also often hear of homes coming on the market before they are listed and can reach out to specific neighborhoods to find out if anyone is thinking of making a move soon.

Higher interest rates

Yes mortgage interest rates are higher than we have seen in recent years however, keep in mind that this may be temporary and you can always refinance later. As we like to say "Marry the House and Date the Rate!" There are also ways to reduce your interest rate upfront. I can provide you with an estimate of all your costs, using today’s mortgage interest rate, to give you a birds eye view of what you can expect. We will also do a thorough market analysis to make sure you are not overpaying.

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Many other factors play into your decision to buy a home and I am happy to answer any questions you may have!