What Makes the End of 2024 the Ideal Time to Purchase a Home

The last of 2024 into 2025 could be your chance if you have been waiting to buy a home. The low-inventory, high-mortgage dives are finally starting to cater towards buyers after years of climbing home prices. This may be the right moment for you to do it.

Choosing Between Multiple Homes

The National Association of Realtors® reported that buyers are currently seeing the most housing inventory available since 2019, with around 4.3 months' worth of supply on the market. Gone are the days of the majority ending in bidding wars for a handful of listings that buyers faced recently.

Buyers will find a wider selection to choose from, as new listings are also up nearly 5% over last year. And now there are plenty of alternatives, finding a home that accommodates your taste is less complicated than ever before.

Game Changer: Price Reductions and Seller Incentives

Higher price reductions are now common in this slower for sellers market. To sweeten the deal, sellers have also started throwing in incentives such as covering closing costs, credits for repairs or upgrades and even rate buy-downs to lower monthly payments. Trends like these provide leverage to buyers as well as more opportunities for better deals.

Less Pressure to Rush

The 2020–2022 market was a whirlwind; however, buyers today are able to take their time and make more calculated decisions. That means you can go back through homes, have contractors come in to get estimates for upgrades, negotiation repairs — all without the worry that someone else will jump ahead of your offer.

Interest Rates are High — But You can Refinance

Even though mortgage rates are higher, there are plenty of people who can utilize the market today and refinance when rates go back down. If you buy today, you will lock in a house for sale at 2023 prices and the ability to negotiate better terms with inventory still being relatively high. Refinancing means lower rates and thus even lower monthly payment, which in turn makes refinancing a smart move for long-term savings.

Equitable Market favoring the Buyer

While not yet an official buyer's market, that tide is turning. Higher inventory, lower prices and more leverage means buyers are experiencing the most favorable market in five years. And as even more housing stock hits the market, buyers could find themselves with a very sweet setup in a matter of months.

The time to do that is now

The end of 2024 provides a great opportunity to get into the ideal home for those biding time on the sidelines. With more inventory rocking in, sellers being a lot more flexible and there is always the option to refinance down the track this is the best buy time! Have your pick of whatever suits you best, rather than having to fight over scraps as has so often been the case in recent times – this is another benefit to a market that’s finally showing signs of gaining back balance in favor of buyers.