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Buying a home in 2024 – What’s going to happen?

On Behalf of | Dec 19, 2023 | Real estate transactions |

Those who have been hoping to take the step of homeownership know that the past few years have made that step quite difficult. Recent challenges for potential Tennessee homeowners include high home prices, high interest rates and low inventory. Those hoping to purchase a home in 2024 will benefit from learning about what they can expect if they decide to move forward with that process in the coming year. 

Navigating challenges and moving ahead with confidence 

One of the most significant challenges facing those who are hoping to buy a home is high interest rates. While there is reason to hope that these could come down over the course of the next year, it is critical to find the best possible deal before moving forward. It is helpful to get an estimate from at least three different mortgage lenders before making a decision. 

Low inventory is a challenge because more people are competing for fewer houses. While people are hesitant to sell, buyers have to be willing to look farther for their ideal home. It may also be necessary to adjust expectations regarding the type of home that could be affordable for that buyer. 

Don’t do it alone 

It is not easy to walk through the process of buying a home in Tennessee. It can be both daunting and stressful, and it is beneficial to have the guidance and support of an experienced attorney who can provide insight into the best way forward. This guidance can be useful as potential buyers take the first steps toward their goal of home ownership.