A couple tips for buying a home in 2024:
- Download a mortgage calculator to your phone so you can do math as you look at houses. And! Don’t forget to calculate property taxes!
- Mortgage Calculator Link: https://myhome.freddiemac.com/resources/calculators.html
- Evaluate what your long-term needs are
- Think through how long you plan to stay in a home, which schools are around you if you have children, or if you want to be close to your family or parents.
- Can I afford to wait? Will interest rates rise?
- Interest rates aren’t expected to skyrocket overnight and housing prices are expected to remain higher. Waiting may benefit you if you don’t want to enter bidding wars.
- Are you prepared for a bidding war?
- Expect to come up against many competing buyers. Be careful to monitor your budget as it is easy to get swept up in “bidding to win.” Make sure you buy a house that is a sustainable choice for you in the long run. Don’t regret winning the bidding war and buying a home beyond your means.
Read more tips here from The Wall Street Journal.
