Are you hoping and/or planning to buy a home in 2024? Let’s talk through the process and how you can turn your hopes and dreams into reality (without going crazy or with over the top stress).
Have a Plan to Buy a Home
I know it seems basic–but a plan really will help. Think through when you’ll have savings in place (or a plan to list your property (if selling to buy)), if you have a lender or need to find a lender, what other things may hinder/assist your plan, overall logistics and by when you want the move to occur.
Drill into this plan and start taking action.
Savings
If you have savings in place–congrats– you are ready to move to the next step. Are you are unsure of how much you should have saved or perceive you behind in savings? Please take the time to speak with a lender. If you have a Realtor–ask them to recommend lender partners. Should you be without a Realtor or lender–try local Facebook groups for suggestions. Your lender will offer tips and suggestions to help prime you for the purchase process.
Far too often, the hype is that a 20% down payment is in order and this just is not what is usually the case. A recent report by the National Association of Realtors showed that on average, first-time homebuyers put down 8% and repeat buyers 19%. While the 19% looks precariously close to 20% – please remember that oftentimes repeat buyers have equity from their current home to utilize as part of that down payment.
As part of saving – try to avoid big ticket purchases. While you are most likely focused on saving – your credit score will go hand-in-hand with savings efforts and needs to be atop your list of considerations.
Selling to Buy?
If you need to sell in order to make a purchase: you should reach out to your Realtor and schedule a listing appointment. This will give the best idea of pricing and projects you’ll need to undertake before going to market. If you do not have a Realtor – look for suggestions and interview 3-5 local agents.
Logistics and Contingencies
Some food for thought: Do you need to sell before buying? Is a relocation part of the move (if yes, have those details been thought through)? Do you need to consider timing around the school year to minimize disruption? Do you need to work around a lease (and plan for appropriate termination notice)? Will you be buying new construction? When do you want to move? Remember, in real estate–you need to be flexible. Timing should start to firm up as you make and have an offer accepted.
Planning to Buy a Home in 2024
Planning to buy a home in 2024 need not be as daunting a task as you might think. While the tasks may seem burdensome – the goal is to do much of the work upfront to put yourself in a position to buy when you a) are ready to shop b) have met your personal goals to commence the search or c) find the house you have been waiting for is finally up for sale.
If you are in the market for a home in the St. Augustine, St. Johns or the Jacksonville Metro area, I would welcome the opportunity to speak with you about your plans. Please contact me and let’s plan for your future!