If you are thinking of buying a house in 2024, and you are feeling a bit afraid regarding buying a house then do not be afraid, you have to realize that the COVID-19 pandemic is slowly starting to go down and people are starting to finally move into their real lives and this is something that is a big sign as to why you should start investing in 2024.
Some people might still be afraid but we will help you regarding why you shouldn’t be anymore. There are certain reasons why, you will know in a while. But you should realize that it is still the market of a seller, you can still negotiate around with the seller and buy that dream home that you always wanted. Many people had forgotten to buy houses and invest in them mainly because of the pandemic but now that the pandemic has started to subside you can be sure of the fact that it won’t be affecting the real estate market anymore.
Therefore, without further ado, let us get on with the 4 major reasons why you should be buying a home in 2024, with the help of a real estate agency of course as they can get you and show you the exact house that you are looking to buy and invest in. They are the following:
Major reason no. 1: The interest rates are still low
The interest rates have not increased as much as they should have in the past five decades or so. Luckily enough, there has only been a 10 percent increase in the interest rates of buying houses on mortgages. Therefore, this is a major reason why you should not stop investing in buying a house, you will be paying only 18 percent interest while buying a house on mortgage. Sounds like a good deal, right? Many people are not aware of it.
But the reality is that this won’t be the case at all in a while. The experts are saying that the interest rate can increase up to 10 percent or 30 percent more, or it could increase only 1 percent. But you have to keep in mind that the 1 percent interest rate increase in the next 10 years could mean that you would be paying thousands of dollars more instead of using this 1 percent on something else like your child’s tuition fee at a college they really want to go to. Therefore, it is advisable to buy a house right now in 2024.
Major reason no. 2: There are tons of houses on sale
There are tons of houses to choose from now. Due to the pandemic, people have started to leave their house or put them up for sale, even though the interest rate has decreased. People aren’t even putting in a lot of prices because they want to relocate to other remote areas where they are away from city life. But since the pandemic is starting to lose its presence, the houses are still in the game now regardless.
So, what now? Now, there are more houses than ever to buy from. You will have a lot of variety in investing in a home. You can go to remote areas or the city areas to see which houses are up for sale. Realtors can easily find the house that you are looking for with the features that you want in a home since there are so many and the options have become endless.
Major reason no. 3: Owning a house beat renting a house any day
Now that there are so many houses up for sale with low prices, even mortgages have only 18 percent interest rates which show that this is a golden opportunity for real estate investors to come and invest in these houses that are up for amazing prices. Furthermore, if you do not have a house, this is the best time to get a house and get rid of that sorry feeling of feeling like you are homeless. It is always nice to know that you have one place in the entire world where you can go and sleep for hours knowing that no one will be able to take that away from you. With rent, after a month, the homeowner can come and bang your door countlessly before you drop cash into their hands and that is when they will leave you alone so that you can go back to sleeping again.
Want to get away from that? Then start investing in a low-cost house and buy it before the interest rates increase and the value of land also increases in prices. Ask any person who is living on rent, those who have had chances to buy a house and lost those chances will tell you that they made a huge mistake when the prices were low and chances of investment were feasible and made sense. They regret now taking their chance, although they can still buy a house but the situation is slightly different now.
Major reason no. 4: You can upgrade your house
If you have a house, you have a golden chance to sell it now and buy one that you always wanted. There might be a place that you always wanted to live in, now is the chance to upgrade your house by renovating the house that you have and try to sell it for the best price possible. Then add in your savings or take a little loan to cover up that extra price to buy a house somewhere you aways dreamed of. This is a good major reason.
Now that the tax policies regarding the houses are at a chance of changing, it is advisable to get in touch with a reputable real estate agency who deals in selling and buying to help you in buying a house. Click here to get started on buying your dream house.