Best Homebuying Advice for 2024

photo by realtor.com

2023 was a tough year for homebuyers. Mortgage rates hit highs not seen in 22 years, home prices remained high and inventory was low. 2024 is looking to be the year for the homebuyer. This realtor.com article shares 6 of their most popular advice pieces, tips and takeaways for homebuyers in 2024.

1. Focus on WHY you are buying a home, not WHEN. Be present in the market you currently find yourself in, and make decisions based on today’s housing data.

2. Be on the look-out for homes that are all style and no substance. Meaning, make sure you’re not falling in love with a quick flip that could have major red-flag issues. Home inspections are a must.

3. Buy now, refinance later? This advice could be good for some buyers, but not all. Refinancing comes with added fees (closing costs), so do the math before choosing this option.

4. Previous mortgage rules are out the window! You don’t have to put down 20%. You don’t have to get a 30 year fixed-rate mortgage. You can get a seller to pay your closing costs. Think outside the box.

5. When making an offer, it’s a good practice to NOT go below 25% of the asking price.

6. Buy a tiny home? Make sure you know how to finance one.