Homeownership is a goal for many Tennesseans, but the recent market fluctuations have created some challenges when it comes to buying a home. While home prices in the state have doubled since 2020, there are still some positive signs that may help prospective home buyers feel better about investing in a new home. With some knowledge of the market and real estate trends, potential buyers can go into the process prepared to make the right decision based on their needs and finances.
Home buying in 2024
Property values and home prices have risen all over the state, but the rate of increase can vary greatly from one area to another. Homebuyers are wise to pay attention to property values when choosing the area in which to purchase a home. Fortunately for buyers, many areas may see new builds, providing more options for those looking to purchase.
Another positive note is that analysts expect mortgage rates to decrease. While this can make the dream of owning a home a reality for more prospective buyers, it can also lead to more competition. Buyers can benefit from setting realistic expectations when house hunting. One may have to prioritize wants when choosing which property is the right one to purchase.
Legal advice can be invaluable
Buying a home can be a very stressful process. Finding one’s dream property is only the beginning. Homeownership comes with many legal considerations, not to mention the paperwork required to complete the process. Tennesseans who are interested in buying a home this year may wish to work with an attorney who understands the state’s laws and who can provide guidance during the buying process.