Are you thinking of buying a home, but not sure when the timing is right? Are you asking yourself and wondering, “Should I buy a home in 2024 or not?” Is now finally the right time? Here’s 5 reasons you MUST buy a home in 2024!
Increasing rents
Depending on the location and demand, rent prices can often increase 2%-10%+ per year. For some people that could mean paying hundreds more a month, EACH YEAR!
Owning a home could allow you to essentially lock in the majority of your monthly housing expenses. Fixing one of your largest monthly costs is clearly a significant reason to buy a home.
Inflation
While inflation has been coming down, it’s still a major concern for the US economy. Owning your home is one of the best ways to hedge against inflation. As the cost of building supplies continues to go up, home prices tend to follow.
Think of it like this, how much is lumber, roofing, wiring, labor, ect? All these items contribute to the cost of building a home. The more each of these increase, the higher home prices are likely to go because they simply can’t be built for less.
Put holes in the wall wherever you want!
If you’ve ever been a renter, you’ve likely come across the landlord that won’t allow you to put holes in the wall, or will penalize you for doing so. Take control of your decorating desires and make your home the sanctuary you deserve!
You want to paint the walls Orange, great go for it! Make a collage on each wall of the house? Well if you own it, the interior is a blank canvas for you to do as you wish.
Equity
When you’re a home owner you build equity in two ways: though the home’s appreciation, and your monthly mortgage payments. You pay down the principal balance of your mortgage loan each month with every payment you make. Think of this as a savings account for the future that you don’t get as a renter!
Over time that equity can turn into hundreds of thousands of dollars that can be used for renovations, debt consolidation, or even investing in other properties.
Interest Rates
While mortgage rates are higher than they have been in recent years, they’ve came down from their recent highs. Many sources are suggesting Interest rates are projected to decrease in 2024. As mortgage rates decline, it increases the purchasing power of buyers, which pushes home prices higher. Purchasing before rates decline should be a lower price point, and you could refinance if mortgage rates decline in the future.
Locking in the cost of the home now is what’s key. Real estate is similar to trees, as the best time to plant a tree was 20 years ago, and the next best time is TODAY.
See how much you qualify for here!