Unlocking Homebuyer Opportunities in 2024

There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because the challenges in today’s market felt like too much to tackle. You’re not alone in that. A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were: They couldn’t find anything in their price range They didn’t have any successful offers or had difficulty competing They couldn’t find the right home If any of these sound like why you stopped looking, here’s what you need to know. The housing market is in a transition in the second half of 2024. Here are four reasons why this may be your chance to jump back in. 1. The Supply of Homes for Sale Is Growing One of the most significant shifts in the market this year is how the months’ supply of homes for sale has increased. If you look at data from the National Association of Realtors (NAR), you’ll see how inventory has grown throughout 2024 (see graph below): This graph shows the months’ supply of existing homes – homes that were previously lived in by another homeowner. The upward trend this year is clear. This increase means you have a better chance of finding a home that suits your needs and preferences. And if the biggest reason you put off your home search was difficulty finding the right home, this is a big relief. 2. There’s More New Home Construction And if you still don’t see an existing home you like, another big opportunity lies in the rise of new home construction. Builders have worked to increase the supply of newly built homes this year. And they’ve turned their attention to crafting smaller, more affordable homes based on what’s most needed in today’s market. This helps address the long-standing issue of housing undersupply throughout the country, and those smaller homes also offset some of the affordability challenges you’re feeling today. According to data from the Census and NAR, one in three homes on the market is a newly built home (see graph below): This means, that if you didn’t previously look at newly built homes as part of your search, you may have been cutting your pool of options by a third. Not to mention, some builders are also offering incentives like buying down mortgage rates to make it easier for buyers to get a home that fits their budget. So, consider talking to your agent about what builders have to offer in your area. Your agent’s expertise on builder reputations, contracts, and more will help you weigh your options. 3. Less Buyer Competition Mortgage rates are still hovering around 7%, so buyer demand isn’t as fierce as it once was. And when you combine that with more housing supply, you have a better chance of avoiding an intense bidding war. Danielle Hale, Chief Economist at Realtor.com, highlights the positive trend for the latter half of 2024, saying: “Home shoppers who persist could see better conditions in the second half of the year, which tends to be somewhat less competitive seasonally, and might be even more so since inventory is likely to reach five-year highs.” This creates a unique opportunity for you to find a home you want to buy with less stress and at a potentially better price. 4. Home Prices Are Moderating Speaking of prices, home prices are also showing signs of moderation – and that’s a welcome shift after the rapid appreciation seen in recent years (see graph below): This moderation is mostly due to supply and demand. Supply is growing and demand is easing, so prices aren’t rising as fast. But make no mistake, that doesn’t mean prices are falling – they’re just rising at a more normal pace. You can see this in the graph. The bars are still showing prices increasing, just not as dramatic as it was before. The average forecast for home price appreciation in 2024 is for positive growth around 3% to 5%, which is more in line with historical norms. That moderation means that you are less likely to face the steep price increases we saw a few years ago. The Opportunity in Front of You If you’re ready and able to buy, you may find that the second half of 2024 is a bit easier to navigate. There are still challenges, but some of the biggest hurdles you’ve faced are getting better as time wears on. On the other hand, you could choose to wait. But if you do, here’s the risk you run. As more buyers recognize the shift in the market, competition will grow again. On a similar note, if mortgage rates do come down (as forecasts say), more buyers will flood back into the market. So, making a move now helps you take advantage of the current market conditions and get ahead of those other buyers.

The Biggest Mistakes Homebuyers Are Making Right Now

Some Highlights Want to know the biggest mistakes homebuyers are making today? They include everything from putting off pre-approval for too long, holding out for the perfect home, buying more than they can afford, and skipping out on us.

Things To Avoid After Applying for a Mortgage

Your Dream Home Awaits: Discover 521 Thunderbrook Road, Garland, TX

Are you searching for a beautiful, family-friendly home in the heart of Garland, TX? Look no further than 521 Thunderbrook Road. This stunning 4-bedroom, 2.5-bath, two-story home is the epitome of luxury and functionality. With a listing price of $570,000, this property offers an exceptional value for discerning buyers.As you step inside, you'll be greeted by a spacious layout that is perfect for both family living and entertaining. The modern kitchen is a chef's dream, featuring sleek countertops, stylish cabinetry, and top-of-the-line appliances. Whether you're preparing a gourmet meal or a quick snack, this kitchen is sure to impress. The open concept design allows for seamless flow into the cozy living room, creating a warm and inviting atmosphere for family gatherings.For those who love to entertain, the formal dining and living area provides a sophisticated space to host guests. Imagine indulging in a delicious meal with loved ones, surrounded by elegant finishes and stunning natural light. This home truly has it all.The primary suite is a true oasis, offering a peaceful retreat from the hustle and bustle of daily life. With a walk-in closet and ensuite bath featuring an oversized walk-in shower, this space provides the ultimate in comfort and luxury. Three additional bedrooms offer ample space for family or guests, as well as an office that can be utilized as a home workspace or study area.But the true gem of this property lies just outside. Step into your private backyard oasis and be greeted by a sparkling pool and separate hot tub. This is the perfect space for hosting summer gatherings, creating lasting memories with family and friends. Imagine lounging by the pool on a warm Texas afternoon, sipping on a refreshing drink and soaking up the sun. This home offers the perfect balance between indoor and outdoor living.Located in the highly desirable Firewheel golf course community, this home is nestled in a family-friendly neighborhood with convenient access to shopping and dining. Whether you're looking to explore the vibrant local scene or enjoy a round of golf, this area has something for everyone. This home truly offers the best of both worlds – a peaceful retreat within close proximity to all the amenities you could ever need.As an added bonus, the kitchen refrigerator, microwave, washer & dryer, and TV mounts are all included in the sale. The seller may need a temporary leaseback, providing flexibility for both parties involved. Rest assured, the buyer will also have the opportunity to purchase a new survey, ensuring a smooth and seamless transaction.In conclusion, 521 Thunderbrook Road is a must-see for anyone in search of their dream home. With its stunning features, family-friendly layout, and convenient location, this property is sure to check all the boxes. Don't miss out on the opportunity to make this house your home – schedule a showing today and prepare to fall in love.