Laine Blackmon
Is buying a home in the new year one of your goals? As we step into 2024, the Nevada real estate landscape continues to evolve. The industry is shaped by things like economics, demographics and the change in consumer preferences.
Buying a home and securing a loan may seem stressful, especially with the talk of high-interest rates in the media, but homebuying trends in the Silver State are experiencing a shift.
Here is a closer look at what you should focus on in the year ahead:
High-Interest Rates Don't Tell the Whole Story
It's easy to be swayed by media headlines talking about high interest rates, but don’t let the media dictate your decisions. While interest rates may be higher than what we've seen in recent years, it's crucial to understand the bigger picture. The market isn't as saturated with buyers as you might expect.
While Interest Rates are High, there is Not a Lot of Competition in The Market
Interest rates are higher, but the silver lining is that there could be less competition in the market. In 2024, this lack of a crowded field can work in your favor. With fewer buyers looking at the same properties, you'll find yourself with more negotiating power. This is an advantage that buyers should seize in the upcoming year.
When Interest Rates Drop, We Will Likely See a Lot More Buyers in the Market
While the current market may favor buyers, it's good to be forward-thinking. As interest rates fluctuate, there will be a surge in the number of buyers entering the market, and this can make it harder to get offers accepted. Staying vigilant and being prepared for the shift in the market will help set you up for success.
An Always Famous Line in Lending, ‘Date the Rate, Marry the House’
This is the best advice I could give is the best time to buy is when you are ready. If you love the house and can afford the payments, it doesn’t really matter what the rate is. Remember, the key is affordability and finding a home that fits your needs and lifestyle. Keep in mind that you can always explore refinancing options later.
Explore New Construction, Many Great Builder Incentives Await
In the ever-changing real estate landscape, new construction stands out as a great option in the upcoming year. Builders are also offering incentives to attract buyers; from upgraded features to financial perks, exploring the world of new construction might just lead you to your dream home while enjoying added advantages.
The Burning Questions: Will Mortgage Rates Decline in 2024?
While signs point to potential stabilization, we can never guarantee and definite yes or no. Even with a slight dip, interest rates are expected to hover above recent averages.
This scenario raises another concern: affordability. A significant rate drop could be the beginning of a jump in real estate demand, flooding the market and potentially driving up prices. However, there is no way to fully predict the direction of the housing market in 2024, but all the factors listed here will point home buyers in the right direction if purchasing a house is in their 2024 plans. Companies like Blackmon Home Loans will help guide home buyers as they navigate the process to make their homebuying dreams a reality in the coming year.
Laine Blackmon is Reno branch manager of NV Capital Corp., and mortgage loan originator of Blackmon Home Loans.
