A new year offers new possibilities, with a strong chance of home ownership. Here’s how.
DFW is the place to buy in 2024
The Dallas-Fort Worth area will be one of America’s hottest real estate markets in 2024. That’s according to the National Association of Realtors (NAR), which predicts that housing inventory will increase by about 30% over the coming year. With lower prices. In North Texas, sales prices for existing single-family homes are on track to remain between 1% and 2% lower than last year. This follows a national trend. Realtor.com predicts a 1.7% drop in median home prices across the country in 2024.
The Year of Reliable Rates
While nobody is forecasting the unprecedented low rates we saw in 2020 and 2021, real estate experts paint a bright picture for 2024. Realtor.com believes 2024 rates will hold steady with a 6.8% average, lowering to 6.5% by the end of the year. The NAR’s chief economist thinks the 30-year fixed mortgage rate will fall to 6.3% and expects the Fed to cut rates four times before the year’s end.
A New Year with New Goals
Could 2024 be the year you buy your forever home? It’ll take a series of simple steps to get there. Here are a few tried-and-true real estate goals to consider:
- Get active with your credit score. Don’t like the number you see? Do something about it. There are ways to improve your credit score. A better score means better borrowing power.
- Be real about your budget. How much house can you afford? That answer requires a hard look at your finances. Your target is 28%. As a rule of thumb, 28% or less of your monthly income should go toward a mortgage payment.
- Do your homework. Where do you wish to buy? How much home do you need? Make a list of wants, needs, and must-haves. This should apply to both the house itself and the neighborhood it’s in.
- Get mortgage preapproval. It’s a surefire way to know what you can afford. And there may be no better tool for entering the housing market. A preapproval letter shows a seller you’re serious and offers an advantage against other bidders.
A new year and a new home. It’s a perfect combination. Contact a member of the Decker Group to talk about how 2024 could be the year of your new home! Connect with us online or call us at (972) 591-3097.