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Buying a House in 2024

September 5, 2024  |  Buying a House in 2024, Community Info, Market News, Things To Do

The house buying market has posed some challenges to potential buyers in recent years for a variety of reasons. However, as we move through 2024, several factors are aligning to make it an opportune time for buying new homes in Atlanta metro. The housing market is experiencing significant changes in areas that are beneficial if you’re starting to think about purchasing a home.

One of the biggest shifts is the stabilization of interest rates. While interest rates saw significant hikes in the past years, they are beginning to stabilize in 2024. Last month, 30-year mortgage rates dropped to an average 6.28%, the lowest in a year, up from highs of 8%. Many economists predict that rates will either hold steady or even see additional reductions as inflation pressures ease. This helps homebuyers lock in a mortgage rate that better fits their budget. Even if rates are higher than previous lows, the current stabilization provides an opportunity to secure favorable terms before any future fluctuations.

With building materials more easily available now, the housing market is also seeing an increase in new home inventory. Builders have responded to the demand by ramping up construction, particularly in suburban and exurban areas where space is more readily available. This increase in supply helps to balance the market, offering buyers more choices and reducing the fierce competition that has driven prices up in recent years. Homes are also staying on the market longer than they have in recent years, further improving the ability of buyers to find homes that best meet their needs without the pressure of immediate bidding wars.

Another factor that makes 2024 a promising time to buy is the introduction of new government incentives for first-time homebuyers and those purchasing energy-efficient homes. These programs, aimed at boosting homeownership and promoting sustainable living, can help reduce the overall cost of buying a home.

Increasingly, the current real estate market is becoming a more favorable environment for buying a new home in 2024. These factors collectively make it a good time to enter the housing market and secure a home that meets your needs and budget. If you’re in the market for new homes in Atlanta metro, contact us today to see what’s available and how these changes and our own significant incentives make this a great time to seriously consider buying a new home.

This post was written by Piedmont Residential.