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Homeownership is a cornerstone of the American Dream, and despite recent economic hurdles, it remains a top goal for many Americans. High interest rates, rising home prices, and limited inventory have made both sellers and buyers cautious. But here's the twist—84% of young Americans who don’t own a home still aspire to buy one, according to LendingTree(1). Clearly, the dream is alive and kicking!
Positive Trends in the Market
Good news, unicorn hunters! Recent data from RE/MAX shows promising trends. The latest National Housing Report(2) reveals a 15.1% increase in newly listed homes in May 2024 compared to last year, and home sales are up nearly 11% from April. Plus, there's been a whopping 39.6% increase in inventory from last year, meaning more homes are up for grabs. More homes = more choices = happy buyers.
Should You Buy Now or Wait?
Now, you might be thinking, “Should I buy now or wait for that elusive perfect moment?” Spoiler alert: waiting for perfect timing is like waiting for unicorns. It sounds magical but isn't very practical.
Ask yourself:
- Am I financially stable?
- Do I have a steady income and a strong credit score?
- Have I saved enough for a down payment and closing costs?
- Do I have an emergency fund for those unexpected unicorn-related expenses?
Beyond the financials, remember that homeownership isn't just about the money. You need to understand your budget and ongoing costs to ensure you can build equity while still saving for other big dreams like retirement or education.
Understanding the Market
Knowing what’s happening in the market is key. For example, if interest rates are low, it might be a great time to lock in a mortgage. If home prices are rising fast, you'll need to decide if they fit your budget and long-term plans. Although there’s been chatter about the Federal Reserve cutting rates, no major changes have happened yet. If you're waiting for a rate cut to make your move, you might need to adjust your strategy.
Flexibility and Smart Decisions
Don't rush into buying a home because of market pressure—after all, who wants to be herded like sheep? The housing market can change rapidly, so stay flexible and open-minded to find the best deal. This might mean adjusting your expectations or considering different neighborhoods.
Making the Right Choice
Buying a home is one of the biggest financial decisions you’ll ever make. Cut through the market noise and make smart, informed decisions. Real estate professionals can provide valuable insights into market trends and guide you through the buying process with essential resources and data.
The American Dream of homeownership is still alive and well. With the right guidance and careful planning, you might find that now is indeed a good time to buy a home. Don't grow old(er!) waiting for unicorns—schedule a personal consultation with me and start your homeownership journey today!
Don't wait for the perfect moment—create it!
Book a personal consultation with me and start your journey today!
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(1) M. Davis, D. Shepard, C. Costa. (January, 2024). Younger Generations Prioritize Homeownership Over Major Milestones Like Marriage or Kids. LendingTree. https://www.lendingtree.com/home/mortgage/young-homeownership-survey/
(2) RE/MAX. (June, 2024). RE/MAX NATIONAL HOUSING REPORT FOR MAY 2024. https://news.remax.com/press-release/remax-national-housing-report-for-may-2024
This blog article is an opinion, is for informational purposes only, and is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
My name is Diane Bilke. Listing and Buyer Specialist with the Missy Stagers Team at M. Stagers Realty Partners.
As an experienced and successful unicorn hunter, I am ready to be your guide in the always interesting, sometimes daunting central Texas real estate market. I can help you identify truly valuable unicorn houses and negotiate for the best price and contract terms. As a seller's agent, I will help you know when you've got a unicorn house on your hands, advising on pricing and marketing for maximum profit. I serve buyers and sellers throughout the Austin, Texas metro, specializing in Georgetown, Round Rock, Leander, Lago Vista, and Cedar Park.
Subscribe to my YouTube Channel: @DianeBilke
Connect with me on Insta and LinkedIN: @DianeBilke or on FB @DianeBilkeREALTOR.
I reward referrals! Send a seller or buyer my way and get rewarded for your effort.
Call or Text to (512) 456-3299. Email diane@msrpsa.com
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