WHAT TO EXPECT - SUMMER 2024 HOUSING MARKET

What to expect for the 2024 Summer Housing Market

One truism about the housing market is that it changes constantly to favor sellers or homebuyers. Seldom does a balanced market exist where buyers and sellers are more evenly matched except for summertime, when schools are out. That’s why it’s the busiest of homebuying seasons.

To be a better prepared buyer, you should get prequalified for a mortgage loan, and if costs are too high, you should lower your debts and pump up your savings for a down payment until you’re ready to buy.

If you’re looking to sell, you should get your home in top condition so you can command the highest price possible. But the most important step is to build a strong relationship with your Berkshire Hathaway HomeServices network professional.

Your broker or agent can help you, whether you’re a buyer or seller. With a vast amount of data at their fingertips, they can keep you abreast of any changes in your local market. This spring, for example, the share of homes with price reductions was the highest since January 2017 and mortgage interest rates dropped slightly, which enticed sidelined buyers back into the market.

Freddie Mac predicts that interest rates won’t drop by much before June 2024, so homebuyers and sellers should be aware of the importance of having good credit.

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How Much Home Can I Afford?

There are plenty of mortgage calculators online to help you figure out how much you can afford to spend on a home. With some quick math, you can get an idea, but there’s a lot more information you need to get the real picture of affordable homes for your household’s needs.

Assuming you’re just at the beginning of the homebuying process, you may be browsing the Internet looking at interest rates and home listing sites to “get an idea” before contacting a lender or a real estate agent. You’ll be far better prepared if you “qualify” yourself for a loan by answering all the questions a mortgage lender would ask.

USAA.com recommends that you figure out your starting price range by analyzing your own finances. If you don’t already have one, you’ll need to outline a monthly budget. Most lenders like to keep housing costs at between 25% to 36% of your takehome pay so you’re less likely to experience financial pressures and default on an affordable payment. Read more.

Summer Home DécorSummer Decorations for Homes

What pops into your mind when you think of summer? Sunshine? Vacations? Oceans, lakes and swimming pools? Hammocks and porch swings? Watermelon and pineapple? Sherbert and ice cream? The images are so delightful you may wish they were available year-round.

If you love summertime, you can bring the season to your home with some of the latest trends in home décor. Summer décor for the home is having a moment. Why? It’s the time to relax, take it easy, and rechargeexactly what each of us needs.

You can make your home as relaxing as a spa, as cheerful as a sunny day, and as refreshing as an oasis. Here are some suggestions to get you started turning your home into your very own resort destination: Read more