New Rules for Buying a Home in 2024

photo by realtor.com

For most of 2023, homebuyers were faced with a tough market of high interest rates and steep home prices. We are hopeful for a better buying season and realtor.com offers some “old rules” that should no longer apply to homebuyers in 2024.

1. Old Rule: Mortgage rates are so high, it’s not the right time to buy.
New Rule: Rates are coming down. They will not go into the 2% again for a long time, so buyers should get used to the
“new normal” interest rates.

2. Old Rule: Buyers will not have much competition.
New Rule: Competition for homes will be fierce.

3. Old Rule: Sellers will not bend to buyers’ demands.
New Rule: We should see Sellers making some concessions. We should see sellers more inclined to pay some buyer
closing costs, negotiate fees or maybe pay points for a buyer’s lower interest rate.

4. Old Rule: Buyers must always make their best and final offers.
New Rule: Any reasonable offer could do the trick.

5. Old Rule: If you like a house, submit an offer ASAP.
New Rule: Make a “soft offer” to see what kind of deal you can get.

6. Old Rule: Buy to flip and make good money.
New Rule: Long-term investments make the most sense.