Insights of a Realtor, Ralph Perkins

Buying a home in 2024 might seem daunting, especially with the fluctuating real estate market and economic uncertainties. However, with the right strategy and understanding of the market, it's still very much within reach. This blog post combines insights from Ramsey Solutions and Experian to guide prospective homeowners through the process and what to expect in the 2024 housing market. Step-by-Step Guide to Buying a House 1. Assess Your Readiness: Before considering a home purchase, ensure you're debt-free and have an emergency fund of 3–6 months of expenses. This financial cushion is crucial for covering unexpected repairs without straining your budget. 2. Determine Affordability: Your home-buying budget should not exceed 25% of your monthly take-home pay. This includes all housing-related expenses such as mortgage, property taxes, and insurance. Sticking to this rule ensures you can comfortably afford your home while meeting other financial goals. 3. Save for a Down Paymen...

  Deciding between building a new home or buying an existing one is a significant choice that impacts not just your finances but also your lifestyle and future. To help you navigate this decision, let's explore insights derived from an informative article by Rachel Cruze on Ramsey Solutions, titled "Building a House? The Pros and Cons." Building a Home: A Leap Towards Customization Building a home from the ground up offers unparalleled customization. You can tailor every aspect of your home to fit your specific needs and tastes, from the floor plan to the finishes. This process allows for a unique personal touch that truly makes a house your home. Additionally, new constructions are often more energy-efficient and require less maintenance in the early years, potentially saving you money on utilities and unexpected repairs. However, the journey to building your dream home is not without its challenges. The most significant drawbacks include the higher costs associated wit...

  The housing market has always been dynamic, with prices and sales activity fluctuating due to various factors. As 2024 is upon us and well under way, expert forecasts suggest a landscape that might be more favorable than many anticipate. Here's what you need to know: Ongoing Home Price Appreciation Contrary to the fears of a market crash, 2023 did not see a dramatic fall in home prices, thanks to the persistent inventory crunch. The demand for homes continued to outstrip supply, a fundamental principle of economics that kept prices buoyant. Experts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) predict a continued appreciation in home prices. On average, prices are expected to end this year up by about 2.8% and see an additional increase of 1.5% by the end of 2024. This trend underscores the value of homeownership as a wise investment over time. A Slight Uptick in Sales Activity While 2023 witnessed subdued home sales compa...