5 Ways to Save When Buying
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2024
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Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter. But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage terms. (1)
Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget. But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favorites to share with you.
PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING. According to Home Advisor, the national average cost to furnish a new house is $16,000, but it can easily soar higher.2
That’s why we recommend starting with a thorough assessment of what you already have and what you actually need to start life in your new place. Here are some steps to help you prioritize your purchases and keep spending in check.
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Not long ago, home sellers were in their heyday, as historically low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year. Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value. The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount. If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns.
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A growing share of home buyers and sellers sat on the sidelines last year as the pace of home sales continued its downward trajectory. (1) In fact, since the Federal Reserve began its series of interest rate hikes in 2022, the combination of higher borrowing costs and record-high home prices has fostered the steepest real estate market slowdown since the 2008 recession. (2)
Priced out of the market, a generation of would-be buyers has been forced to delay their plans for homeownership. (3)
At the same time, current owners—reluctant to give up their pandemic-era mortgage rates—are waiting to sell, which has resulted in a sharp drop in listings. (4) But there may be some relief in sight: In December, the Fed signaled that it was done raising interest rates—and suggested that it could cut rates by 0.75% over the coming year. While mortgages don’t directly follow the federal funds rate, they typically move in tandem—so cheaper home loans may finally be on the horizon. (5) Lower mortgage rates should bring some much-needed movement back into the real estate sector. But with a market this fluid, the home buyers and sellers with an edge will be those who proactively leverage a real estate agent’s on-the-ground expertise and stay flexible so that they can quickly adapt to changes. What does that mean for you?
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Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024 - Julie Mayers Real Estate (juliemayersrealty.com)
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