More good news just keeps rolling in—turns out, 2024 didn’t end on a total dumpster fire after all! New home sales kept climbing, business optimism hit its highest point since 2018 (because, shocker, people like knowing what’s going on), and even California might catch a break as it recovers from those brutal wildfires.
And here’s a fun twist—mortgage rates are finally chilling out after their recent tantrum. No, they’re probably not dropping below six percent any time soon, but with a decent supply of homes at more reasonable prices, now’s actually a solid time to buy.
Case in point: locally in Modesto, available homes at the $300K–$500K range just jumped 20% this month, from 115 to 138—easily the largest increase of any price segment over the last two years.
Months of Inventory (a measurement of how long it would take to sell all currently available homes if none further were added) skyrocketed this month more than 80%, from 1.5 to 2.8, meaning it could take nearly three months to sell all currently available homes.
The market still leans towards sellers, but if you’re willing, and can find an established knowledgeable agent, solid deals are ready to be found.
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A quick guide to buying a home
Buying a house is a big decision, but with some basic steps, you can make the process easier. Here’s a simple guide to help you navigate buying a house:
Determine your budget: Before you start looking at houses, figure out how much you can afford. Consider your income, expenses, and any debts you have.
Get pre-approved for a mortgage: This will give you a better idea of what you can afford and make you a more attractive buyer to sellers.
Find a real estate agent: A good agent can help you find houses that meet your criteria, negotiate with sellers, and guide you through the buying process.
Start house hunting: Look for houses that fit your budget and meet your needs in terms of size, location, and amenities.
Make an offer: Once you find a house you like, work with your agent to make an offer. Consider factors like the condition of the house, the current real estate market, and the seller’s asking price.
Get a home inspection: Before closing the deal, hire a professional to inspect the house for any issues that could be expensive to fix.
Finalize the mortgage: Work with your lender to finalize your mortgage and ensure all necessary paperwork is in order.
Close the deal: Sign the final paperwork, pay any closing costs, and take possession of your new home.
Move in: Once you’ve closed the deal, it’s time to move in and start enjoying your new home!
Remember, buying a house can be a complex process, so don’t hesitate to ask questions and seek guidance from professionals along the way.
Interested in buying or selling a home? Click here to book a 30-minute meeting to get started!
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Ed Justen -DRE: 02221512 - Affiliated with Keller Williams. Portions of this blog post created via artificial intelligence and lightly edited by the post author. All information presented here sourced from publicly available websites , including the CAR Market Minute Write-up