Is 2024 the Year to Buy?

As we go into 2024 and interest rates are between 6 and 7%, I am asked the question is this a good time to buy a home or should I wait till interest rates come down.  Interest rates have come down every week for the last several weeks.  There are mortgage companies advertising rates close to 6% right now.  I don’t think we will see rates as low as 4%, but historically speaking an interest rate around 6.5% is not a bad rate. 

A few things to consider as you are evaluating whether you should buy a home especially if you are renting a home.  Landlords continue to increase rents as they are facing increased property taxes and insurance costs.  So if a rent increase is a concern, investing in a home would give you a little more control over your monthly expenses. 

A home is not only a place to live  it is also an investment and over the last 4 years the median sales price in Dallas County has increased 51% and the median sales price in Tarrant County has increased 41% (NTRIES Trends 1/15/24).  I don’t have a crystal ball so I can’t tell you if you were to buy a home today how much your home would appreciate in the next 4 years.  What I do know, as I have lived and worked in the Dallas/Fort Worth (DFW) area since 1998, is that home prices have steadily increased in that time.  I think it’s very possible as you wait for interest rates to come down that home prices could be increasing in that time too.

On an average about 300 people move to DFW each day and so housing is in demand.  This trend has continued over the last several years as there are a lot of reasons why people are moving to DFW including job opportunities, good schools, and the weather.  

If you are worried about your credit or whether you have enough money saved to be able to buy a home, I work with several good loan officers who can help you with down payment assistance plans or answer questions about your credit. 

I would consider it a privilege to be a resource for you and please let me know if you have any questions.