Pros & Cons of buying in 2024

Bear Mountain Bridge

There are many pros to buying a home in 2024 and very few cons. The pros can be some of the obvious and also some of the not so obvious if you haven't really ever followed the real estate industry or understood it.

Pros:

1. Interest rates are starting to go south!

2. Buying early in the year will save you some money and avoiding the spring/summer buying frenzy.

3. Rent is climbing and not stopping.

4. Tax season is right around the corner if you buy early in the year

5. Tax credits to buying a home.

6. Grow roots to an area

7. Comforts of buying a home

8. Homeownership. 

While most of these are common pros the biggest one will be the fact that we can all agree the real estate market has not behaved the same way as it used to be. Home prices keep increasing despite interest rates being higher than years before. The biggest fear everyone should have and prepare is that once rates go down, everyone sitting and waiting will attempt to buy again creating a larger demand and lower inventory. For the same reason buyers don't buy; sellers don't sell because housing has become expensive and frankly they can't afford new prices. 

Cons:

1. Higher interest rates

2. Prices are higher

3. Mortgage affordability

4. Home maintenance affordability

5. Recession and job stability.

As you can see the cons are really slim and the cons should be the same reason that propel you to buy now and not later. Unless something drastic happens to the economy I see pricing upwards and upwards.