5 Things To Know About Buying A Home This Fall
The real estate market is shifting in favor of buyers this fall, with rising inventory, cooling competition, and mortgage rates trending downward. If you're planning to buy, here are five key things to keep in mind. First, real estate agent commission practices have changed, and buyers are now responsible for paying their own agent’s fees. While this might seem daunting, you can negotiate terms and possibly include the cost in your offer. Second, with the rise in natural disasters, securing homeowner's insurance may be tougher or more expensive, so factor this into your budget early.
Additionally, the upcoming 2024 Presidential election might create an opportunity for motivated sellers, as some buyers sit on the sidelines. Mortgage interest rates, while not as low as in 2021, are lower than last year’s peak and could drop further—buying now and refinancing later could be a smart strategy. Lastly, while home prices remain high, they’re stabilizing as inventory increases. Ultimately, the best time to buy is when you're ready. If you have a solid plan and patience, fall 2024 could be the perfect time to make your move.
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