Most Googled Questions about Real Estate in 2024

Is Now a Good Time to Buy a Home?

• Interest Rates: Mortgage interest rates have fluctuated in recent years, and while they remain higher than the historically low rates seen during the pandemic, they are stabilizing. Buyers with good credit and a strong financial profile can still secure competitive rates.
  
  
• Housing Market Trends: In many areas, home prices have cooled from their peaks in 2022 and 2023, but inventory remains low, especially for first-time buyers. However, in certain regions, like smaller cities or suburban areas, housing markets are more balanced, making it a favorable time to buy.
  
  
• Your Financial Situation: Beyond market conditions, your personal finances should guide your decision. If you have a stable job, good credit, and enough savings for a down payment and closing costs, 2024 could be a good time to buy.

What is the Best Way to Sell My Home?

• Hire a Real Estate Agent: While some sellers may be tempted to go the For Sale By Owner (FSBO) route, most still find that working with an experienced real estate agent yields better results. An agent provides professional pricing advice, marketing, negotiation, and an understanding of the legal aspects of selling a home.
  
  
• Digital Marketing: In today’s market, online exposure is crucial. Listing your home on major real estate platforms like Zillow and Realtor.com, along with professional photography and virtual tours, can help attract more buyers. In 2024, social media platforms and targeted ads are increasingly important for reaching younger, tech-savvy buyers.
  
  
• Staging and Curb Appeal: First impressions matter, and staging your home to highlight its best features can help it stand out. Simple updates like a fresh coat of paint, decluttering, and improving curb appeal with landscaping can make a big difference in how quickly and at what price your home sells.

How Can I Improve My Credit to Buy a Home?

• Pay Down Debt: High levels of debt can negatively impact your credit score. Focus on paying down credit card balances and reducing overall debt to improve your credit utilization ratio.
  
  
• Make Payments on Time: Late or missed payments can significantly hurt your credit score. Consistently paying your bills on time, including credit cards, loans, and utilities, will boost your credit profile over time.
  
  
• Limit New Credit Applications: Every time you apply for new credit, it results in a hard inquiry, which can temporarily lower your score. Avoid opening new credit accounts in the months leading up to applying for a mortgage.

What Are Closing Costs, and How Much Should I Expect to Pay?

• For Buyers: Buyers should expect to pay between 2% and 5% of the purchase price in closing costs. These costs include fees for the mortgage application, appraisal, title search, title insurance, and attorney fees. In some cases, buyers can negotiate with the seller to cover a portion of the closing costs, particularly in buyer’s markets.
  
  
• For Sellers: Sellers also face closing costs, typically 6% of the home’s sale price, which includes the real estate agent's commission. Sellers may also need to pay for any repairs agreed upon during negotiations and prorated property taxes.

What Are the Most Important Factors When Buying a Home?

• Location: The location of your home will affect its value, resale potential, and your overall quality of life. Consider proximity to work, schools, shopping, and public transportation when evaluating different areas.
  
  
• Home Condition: While it’s easy to get swept up in a home’s appearance, structural integrity is more important. Always schedule a home inspection to check for issues like roof damage, foundation problems, and outdated electrical systems.
  
  
• Budget: Establish a clear budget that includes not just the home’s purchase price but also closing costs, maintenance, and potential renovation expenses. Be sure to get pre-approved for a mortgage before starting your search, so you have a clear picture of what you can afford.