Buying a home in 2024: Should you buy now or hold off?

Should I buy now or wait? There is a lot to be said about today's real estate market. Home prices have risen, there's a lack of inventory, and mortgage rates remain high. So, as a buyer, how do you determine your buying power? Hi, I'm Julie Mayers with Keller Williams Realty.

Home shoppers often ask me, what should I do in today's market? Should I wait to buy to see if rates come down and inventory increases or take advantage of the market now despite higher mortgage rates? My answer is, if you can financially take advantage of this market, then yes, you should buy now.

And here's why. In today's market, buyers have all the leverage to negotiate with sellers. Most homes on the market today are sellers who need to sell, not just looking to see what price they can get on their home. This means they may be more willing to offer more concessions like closing costs, credits, rate buydowns or repair costs.

More importantly, sellers are no longer asking buyers to remove all their contingencies with an offer like we have seen in the last couple of years. Combining all of this gives a buyer more power and leverage to purchase a home and can outweigh the cost of higher mortgage rates. In fact, right now, with creative financing options, it can actually be more affordable to purchase a home than it has been the past few years.

Also, after purchasing, buyers can always look into refinancing when rates eventually come down. Of course, it is best to consult your trusted real estate agent to discuss what is happening in your local market area. Please feel free to reach out to me with any questions that you may have.

I'm Julie Mayers with Keller Williams Realty. It's your journey. We're here to help.
#homebuyingadvice #buyingahome #centraloregondreamhome

Julie Mayers - Broker
Keller Williams Realty Central Oregon
Each Office Independently Owned and Operated
Equal Housing Opportunity
[email protected]

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Julie Mayers - Broker
Keller Williams Realty Central Oregon
Each Office Independently Owned and Operated
Equal Housing Opportunity

#livingincentraloregon #probate #aginginplace #downsizing #prineville #redmond #bend #centraloregonliving #centraloregonlifestyle #sellmycentraloregonhome #movingtocentraloregon

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