As we look ahead to 2024, the housing market is poised for a notable uptick. The National Association of Realtors forecasts a 13% increase in home sales. According to the Bankrate article, Chen Zhao, chief economist at Redfin, also shares this view. While Zhao agrees that housing sales will accelerate, she gives a tentative warning that this expansion will be less intense than some might wish due to mortgage rates. 

In any case, the expected rise in sales offers some rosy futures for possible buyers and sellers. In this blog, we share essential tips that homebuyers must consider in treading this changing landscape—to ensure you are prepared to make the right decisions in the coming year.

Know Your Budget

Before starting to hunt for a home, it’s essential to know how much you can afford. Look at your savings, income, and debts. Don’t just consider a house payment in the budget. You must include other items such as property taxes, home insurance, and maintenance.

For a clearer picture, use online mortgage calculators to estimate potential monthly payments for various home prices, interest rates, and down payment scenarios. Also, consider your current lifestyle and future financial goals. There is no need to stretch the budget because homeownership comes with unexpected expenses. Sticking to your budget will make owning a house less stressful.

Get Pre-Approved for a Mortgage

An essential step in buying a home is getting pre-approved for a mortgage. One has to go to a bank or lender, which, by looking at an individual’s financial condition, can establish how much they would be willing to lend to that individual. This amount will let you know your range as you look around for houses.

A pre-approval letter is also a good boon in a hot market, representing that you are serious to sellers and have purchasing power. Remember: there is a difference between prequalification and pre-approval. Pre-approval indicates a higher level of financial scrutiny has been applied and is often requested by sellers if they are entertaining multiple offers.

Find a Good Estate Agent

Real estate agents can be good partners when buying a house since they have much information on whichever locale and can hand you houses that meet your demands and money. A good agent sees you through the entire process, from searching for homes to closing the deal.

Real estate agents can further provide insights into market trends, help you understand the value of different properties, and assist in negotiating. When choosing, look for an agent with experience in the geographical area you want to purchase. Ask for referrals through friends and family; consider interviewing a few agents to find the right fit.

Home Inspection

It would help if you had a home inspection done by a professional as soon as you find a home you like before closing on your purchase. A home inspector can look for problems in the house, such as leaking roofs, bad wiring, or cracks in the foundation. 

This inspection report will show the home’s condition and what repairs may be required. This is important because it could save one from costly repairs that seem hidden. In some cases, significant problems can be used from the inspection to try to negotiate a fix with the seller or a price reduction.

Consider the Neighborhood

When buying a home, look beyond the house itself. Is the neighborhood area something that is appealing to you? How far is this place from your work or children’s schools and shopping areas? Spend some time in the neighborhood at various times of the day to notice things like traffic patterns, levels of noise, and overall ambiance. 

In simple terms, many steps and considerations are considered before buying a house. Begin with knowledge of your budget and pre-approval for a mortgage, find a great real estate agent, inspect the home, and consider the neighborhood, and you will smooth out and enjoy this process. That means you can make informed decisions and find a home that fits your lifestyle and needs.

Get Expert Home-Buying Advice Today!

Home-buying can be overwhelming, but you don’t have to do it alone. Northwest Realty Group is dedicated to ensuring you find your dream home without so much hassle!

We’re here to make home buying and selling an easy and enjoyable experience from start to finish. Knowing we can answer any questions or concerns, you can have peace of mind. If you’re ready to buy a property, contact us at 702-677-0039! Let us help you turn your homeownership dreams into reality.