More Buyers Preparing for a 2024 Purchase
Potential buyers who couldn't close on a home this year haven't given up. Instead, they're girding their loins and preparing to make their move in 2024.
According to recent NAR research, around 49% of would-be buyers think buying is a better option than renting. Even more of them — 76% — think they can achieve their dream of home ownership. They're planning to make their dreams come true soon by working hard to prepare, including making sacrifices to save up for a down payment. Many are putting away as much as $800 a month. While almost all of them plan to eventually buy, around 40% are sure they'll be able to afford a home in 2024.1
Are Rates Headed South for the Holidays?
The holidays are a time to feel thankful for many things, including lower interest rates for home loans. During November, mortgage rates fell four times in five weeks.
While a downward rate trend is always welcome, keep in mind that mortgage rates are different for each buyer. They're affected by their choice of mortgage program, amount of down payment, credit history, income, and other factors.
This is why I'm always happy to discuss lending options with your prospects and buyers, even first-time buyers who haven't yet saved a down payment. It's never too early to start building a relationship with a prospect, and I may be able to qualify more would-be buyers sooner than later.2
More Housing Options Expected In 2024
According to new predictions from Zillow, the state of the residential housing market will improve next year. One vital factor is that would-be buyers will have more properties to consider.
Another is the fixer-upper market: buyers who have been frustrated by the lack of move-in ready homes are ready to do their own upgrades or hire a contractor. (Ask me about renovation mortgages for these buyers.)
Sellers who had been reluctant to sell because of their low mortgage rates will begin to consider selling, especially those who want more elbow room. Many of these homeowners will be looking for options that weren't included in their current purchase, including bigger yards and more bedrooms. Others plan to move to a preferred neighborhood within the same town or city.
"I expect the beginning of a long healing process to kick off in the housing market next year," said Skylar Olsen, Zillow's Chief Economist. "While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability."3
They're Selling What? They Want How Much?
While you may already have one guilty pleasure bookmarked, such as this website featuring terrible real estate photos (many are taken by FSBO sellers, so you can relax), there's another waiting for you to discover.
The website Reddit, home of thousands of forums, is now hosting one for outstandingly strange properties. Named Zillow Gone Wild, over 150,000 members post URLs and photos of properties from eccentric to semi-habitable.
You can check out everything from million-dollar mansions with questionable decor to a 830-sq ft home with a seven-figure price tag.
Another post features a Colorado home that demonstrates true ingenuity in recycling. Just make sure nobody leans on a wall during viewings, or they may end up with their own set of tread marks.
For those who really want to get away from it all, this island off the California Coast should do the trick for any buyer with $25 million to spare...and doesn't mind living without electricity and other basic utilities.4
Wondering Where the Time Goes? There's An App for That.
In addition to tracking your social media time on Instagram or TikTok, you can keep up with a variety of activities, from how much time you spend at the gym to how much water you drink every day.
Haptic Life Tracker offers a free version with seven preset categories, including music albums, games, and flights, and lets you add five more custom categories while you decide whether to subscribe. You can also auto import your data from the iOS Health app.
If you're an Android user, fear not — Haptic's maker is working on this version. If you can't wait, you can check out Android habit tracking apps like Way of Life, which is designed to help you break bad habits while reinforcing your good ones.5
Sources: 1nationalmortgageprofessional.com, 2cnbc.com, 3themreport.com, 4reddit.com, 5theamericangenius.com
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