The 2024 housing market has finally started to shift in a positive direction for buyers. With interest rates declining, buyers have a greater opportunity to purchase a home without breaking the bank. Buyers should take advantage of the current lower rates. Zillow disclosed that 25% of its listings received price reductions a few months ago. Stats like these haven’t been seen since 2018 during the fall months. Such developments are excellent news for buyers looking to purchase a home.
While mortgage rates have declined, many homes are still priced fairly high. These high prices impact buyers’ monthly house payments, which could still prove challenging for buyers to purchase this year. These housing market trends still help buyers’ ability to buy homes and give them more peace of mind. However, the purchasing opportunities are limited due to the higher home prices and low inventory. Buyers should consider getting into a fixed-rate mortgage before rates fluctuate and potentially rise again.
An essential piece of information to remember is to stay informed on what the housing market is doing. It can change drastically overnight, so always be ready for anything to happen. Worth Clark Realty has top-notch agents and services for you to utilize during the home search and home-buying process. We have a buyer’s guide to help you understand the simple steps of buying a house in today’s market. We can help you find the best home for your needs and coach you throughout the buying process.
Due to lower interest rates, buyers have greater negotiating power for their next purchase. More homes may go on sale during this time, giving buyers a better selection of their ideal home. Sellers may want to make their homes a bit cheaper to sell them quicker. This is great for home buyers when the interest rates and prices are lower. While interest rates are low, buyers have more room to negotiate the price, request assistance, and ask for more inspections because they have more flexibility in their budgets. They may also offer a larger down payment or a quicker closing due to the affordability of lower rates.
Worth Clark Realty offers many benefits to its agents and customers. Our brokerage has industry experts who can coach buyers through the home-buying process. Our agents prioritize building strong relationships with clients by nurturing leads throughout the entire buying process, ensuring personalized support at every stage. We constantly analyze data and insights to better understand the market and how to manage the ups and downs.
Worth Clark’s staff, agents, and managing brokers can provide expert advice on buying a house and keeping up with market trends so you know what is happening. If you’re wondering, “How can a real estate agent help me?” our agents can assist you in moving forward when the time is right for you to buy a house at the best price point. They will help you negotiate the best terms and pricing.
As most of us know, the housing market is very unpredictable and takes time to plan for every stage. Mortgage rates have come down a bit for the time being, but they may return to higher numbers soon. The Federal Reserve and mortgage interest rates play a significant role in these fluctuations, so now is a great time to purchase a home before rates rise again. Worth Clark Realty’s team is dedicated to supporting you through this entire process and welcomes any questions. For personalized assistance, contact our team at 800-991-6092 or reach out to one of our local agents to discuss your specific needs.
