The Ideal Time to Buy a Home This Year
The housing market is undergoing a noticeable shift this season. If you’ve been waiting for the perfect moment to re-enter the market, now might be your chance. The optimal week to buy a home is fast approaching, offering the ideal conditions to help you find the right property. According to experts at Realtor.com, the best time to purchase a home in 2024 is expected to be the week of September 29–October 5. During this period, market conditions historically favor buyers, presenting a unique window of opportunity. Realtor.com explains: “Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week has shown the best balance of buyer-friendly conditions: high inventory, lower prices, reduced demand, and a slower pace of sales activity.” In addition to seasonal trends, current market indicators suggest this year offers better conditions than what buyers have seen in recent years. For example, mortgage rates recently dropped to their lowest level in nearly two years. This provides buyers with more purchasing power and improved affordability. Andy Walden from Intercontinental Exchange Inc. (ICE) notes: “Recent easing in mortgage rates brought much-needed relief to homebuyers. Combined with a slowdown in home price growth, rates dipping below 6.5% made August the most affordable month for homebuyers since February.” On top of more favorable rates, there are also more homes available. Ralph McLaughlin, Senior Economist at Realtor.com, explains: “The number of homes for sale has risen 35.8% compared to last year, marking the 10th consecutive month of growth. Inventory levels are now the highest since May 2020.” This increase in supply gives buyers more choices and puts sellers in a position where they must compete for attention. As Zillow points out: “For those buyers who have been waiting, early fall might present a ‘sweet spot’—less competition from other buyers, more motivated sellers, and better mortgage rates.” Bottom Line If you want to take full advantage of these market conditions, it’s time to prepare. Let’s connect today and make sure you’re ready to seize this opportunity. The market is shifting in your favor—don’t miss out!
What To Know About Closing Costs
Buying a home is an exciting milestone, but it also comes with various expenses beyond the down payment. One of the key costs you’ll need to plan for is your closing costs. These additional fees are a standard part of the homebuying process, so it’s important to understand them before finalizing your purchase. Here’s a breakdown of what you need to know. What Are Closing Costs? Closing costs are the various fees and expenses you’ll need to pay when finalizing the purchase of your home. While these costs can vary depending on factors like the price of the home and the loan type, they are a necessary part of every home transaction. Some common closing costs include: Application fees Credit report fees Loan origination fees Appraisal fees Home inspection fees Title insurance Homeowners insurance Survey fees Attorney fees Some of these fees, such as homeowners’ insurance, represent ongoing responsibilities, while others are one-time expenses paid at closing. How Much Are Closing Costs? The amount you’ll need to cover in closing costs depends on the location of your home and the home’s purchase price. According to Freddie Mac, closing costs typically range from 2% to 5% of the purchase price. For example, if you’re purchasing a home at the current median price of $422,600, you can expect closing costs to fall between $8,452 and $21,130. Keep in mind that if you’re purchasing a home priced higher or lower than this, your closing costs will vary accordingly. Tips To Reduce Your Closing Costs Wondering if there are ways to save on closing costs? Here are a few strategies that may help reduce the burden: Negotiate with the Seller: In some cases, sellers may be willing to cover part or all of the closing costs. This is particularly true in a slower market where homes are staying on the market longer. Don’t hesitate to ask the seller to pay for expenses like the home inspection or offer a credit toward your closing costs. Shop Around for Home Insurance: Home insurance rates can vary significantly, so it’s a good idea to get multiple quotes and compare coverage. By selecting a policy that balances comprehensive protection with a competitive rate, you may be able to reduce one aspect of your closing costs. Look into Closing Cost Assistance Programs: Many local, state, and federal programs offer assistance with closing costs, particularly for first-time homebuyers or individuals in specific professions. Your real estate agent can help direct you to available resources, and HUD maintains a guide to homebuying assistance programs in each state. Bottom Line Closing costs are an essential part of buying a home, but with some careful planning, they don’t have to be a surprise. By understanding the costs involved and exploring options to reduce them, you can better prepare yourself financially for homeownership. Let's connect so I can guide you through the homebuying process and help you navigate your closing costs with confidence.
The Real Scoop on Today’s Home Prices
If you’ve been keeping an eye on home prices lately, you’re not alone. With so much conflicting information out there, it can be tough to know what’s actually happening and how it affects your next move. As a buyer, you might be concerned about overpaying. And if you’re a seller, you may be worried about not getting the price you had in mind. To help, here’s a straightforward look at the current trends to give you clarity on what’s going on with home prices, whether you’re buying or selling. Home Price Growth is Slowing, But Prices Aren’t Dropping Across the nation, home price appreciation is cooling down. This means that while prices are still increasing, they’re not climbing as fast as they were in previous years. The shift from 2023 to 2024 illustrates this change clearly. But, don’t mistake slower growth for falling prices. Despite what you may hear, home prices are still on the rise. The term "cooling" simply refers to a slower rate of growth compared to the rapid spikes we saw just a few years ago. What’s Next for Home Prices? It’s All About Supply and Demand Where prices head next depends on the balance between how many homes are available and how many buyers are in the market, and this can differ by region. Nationally, inventory is increasing, but it’s still not enough to meet buyer demand, which is keeping pressure on prices. Realtor.com’s Chief Economist, Danielle Hale, explains: “Today’s low but improving inventory has brought more balance to the market than we expected, which should help home prices grow at a slower pace.” Plus, with mortgage rates predicted to drop in the near future, more buyers may enter the market. If that happens, demand could rise again, potentially nudging prices upward. Why You Need a Local Real Estate Expert While national trends are helpful, real estate is always a local game—especially when it comes to home prices. What’s happening nationally might not be the same in your neighborhood. That’s why it’s critical to get insights from a real estate expert who knows your area. A local agent can provide you with the most up-to-date data on pricing trends specific to your market. Whether you’re selling and need to price your home right or buying and looking for a home within your budget, an agent will offer valuable guidance tailored to your needs. The Bottom Line Home prices are still on the rise, but the pace has slowed. Whether you’re considering selling, buying, or just want to understand your home’s value, connect with a local expert to get the personalized advice you need.
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