Overcoming your doubts about whether to transact in the property market this year will be half the battle to finding the next home of your dreams.
There are so many issues affecting mortgage costs, that the act of buying and selling property can feel like a leap of faith.
But, with the market likely to pick up as interest rates decrease in the current economic climate, deciding to upgrade your home could be your smartest move in 2024.
Neighborhood prices are strengthening as the year gets into full swing, and buyers are returning, too.
Falling costs
With inflation largely controlled now, there are unlikely to be additional interest rates rises. Experts say rates, which are currently hovering around 6% to 7%, will start to drop in the months ahead. Don’t lose sight of the equity you have in your loan when calculating how much you can afford to spend.
Price rises
Values are another common concern for those who wish to sell and then upgrade or downsize. For owners, price rises cut both ways. With the property market in positive growth territory, you’ll likely get a great price for your home. However, negotiate strategically for your next property to avoid paying more than market value.
Waiting game
It’s probably time to stop trying to pick the market moment. Many folks have not made a move because of rising mortgage costs, but that issue will diminish in the weeks and months ahead.The National Association of Realtors says there could be four rate cuts in 2024. If you’ve been playing the waiting game, now may be the time to jump back into the market.
Market mood
Many recent surveys have captured the attitude of buyers and sellers. A report from Opendoor says 36% of sellers expect offers over their asking price in 2024. However, nearly three-quarters of buyers plan to bid low. So, compromises will be necessary to strike a deal.