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Is March 2024 a Good Time to Buy a Home?
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Since 2003, Dan Green has been a leading mortgage lender and respected industry authority. His unwavering commitment to first-time home buyers and home buyer education has established him as a trusted voice among his colleagues, his peers, and the media. Dan founded Homebuyer.com to expand the American Dream of Homeownership to all who want it. Read more about Dan Green.
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March 2024 is a good time to buy your first house.
This unbiased article examines current mortgage rates, recent home values, and market sentiment to highlight why now is a good time to buy your first home.
The three main reasons are:
The article also touches on first-time home buyer grants and programs, such as the FHFA First-Time Home Buyer Mortgage Rate Discount, which help with home affordability.
According to Freddie Mac, mortgage rates for conventional mortgages are down 85 basis points in the last 4 months, giving home buyers a 9% boost on their purchasing power.
Today’s Homebuyer.com 30-year fixed-rate mortgage rateis 0.0625.
Some key drivers behind today’s lower rates include :
Plus, eligible first-time buyers get an automatic, extra mortgage rate reduction via the FHFA First-Time Home Buyer Mortgage Rate Discount, which lower rates by as much as 1.75 percentage points.
The government’s temporary discount program applies to all conventional mortgage types, including three-percent down mortgages such as HomeReady, Home Possible, and the Conventional 97.
FHA-backed home buyers are getting a discount, too.
In 2023, the Federal Housing Administration reduced mortgage insurance premiums on all new FHA loans for the first time since the mid-2010s. The move lowered monthly payments by $300 per year per $100,000 borrowed and boosted home affordability.
The most recent Existing Home Sales report from the National Association of REALTORS® showed that in today’s real estate market, home buyers dramatically outnumber home sellers.
The report also shows that, at the current sales pace, every Multiple Listing Service-listed home would be bought in 3.0 months. If we consider that a home supply of six months is a market in balance, the home sales data suggests we’re deep in Seller Market territory.
Many people want to buy a home today and few people want to sell. With the real estate market this far out of balance, the best price you can get on a home may be the price you get today.
Real estate is a financial transaction. But, for sellers whose home is their primary residence and buyers who meet the first-time home buyer definition, real estate is often an emotional transaction, too.
Greed can affect how much you’ll pay for a house.
In a down housing market or bad economy, fear overtakes greed. Sellers worry their homes won’t sell. They cut prices aggressively and negotiate more frequently. For buyers, fear can lead to good deals.
In a strong housing market, though, greed suppresses fear. Sellers want money and know they can get it.
As greed levels rise, sellers may push a buyer’s agent to bid over the listing price and waive certain contingency clauses, such as a buyer’s right to a home inspection. They may also be less likely to give seller concessions, which buyers can use to get a lower mortgage rate.
Buyers assume more risk when greed levels rise.
If you plan to buy a home, the best first step is an instant mortgage pre-approval.
Getting a mortgage pre-approvals is a dress rehearsal for your eventual home purchase. Pre-approvals use today’s current mortgage rates to show exactly how much house you can afford to buy, while setting a realistic boundary for your purchase price and budget.
Pre-approved home buyers can get access to more than a dozen low down payment mortgages for first-time buyers, and learn about mortgage discounts and deals based on their profession.
There are special mortgages for nurses, mortgages for teachers, and mortgages for first responders.
Pre-approved buyers can also get access to first-time home buyer grants and programs, including mortgages with forgivable loans for down payment.
Pre-approved buyers do better, so get pre-approved today.
This article, "Is Now A Good Time To Buy A House [March 2024]" draws on the author's professional mortgage experiences and references information found at these authoritative websites:
See how much home you can afford to buy. Use our no-risk Immediate Mortgage Approval and find your mortgage eligibility in an instant.
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tl;dr Yes, March 2024 is a good time to buy your first home. This unbiased article examines current mortgage rates, recent home values, and market sentiment.
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