I’m a Real Estate Agent: 9 Moves To Make Now If You’re Buying Your First Home in 2024
Written by
Nicole Spector
Edited by
Ashleigh Ray
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With mortgage rates appearing to be on the path to stabilizing this year, 2024 could be an ideal time for hopeful first-time home owners to finally take the plunge.
But time is of the essence. If you want to buy your first home soon, you’ll need to make a number of key moves now.
Here’s what real estate agents strongly recommend doing to position yourself for success on this exciting but potentially stressful quest.
Get a Real Estate Agent
It can come across as self-promotional for a real estate agent to preach the importance of retaining a real estate agent, but it’s important, particularly if this is your first rodeo. Plus, it won’t cost you anything.
“The homebuying process can be complicated even for those that have been through it before,” said Maureen McDermut, a realtor at Sotheby’s International Realty.
“A buyer’s agent isn’t going to cost you anything (the seller pays the commission) so find an agent that can help you navigate the contracts and paperwork so you can focus on the fun parts.”
Aim To Save for a 20% Down Payment
It’s standard to put down a 20% down payment, which will help you not only financially in the long run, but in buying a home in the first place.
According to McDermut, “A conventional mortgage will help if you end up in a multiple-offer scenario, especially against FHA or VA buyers, as the conventional mortgage will close quicker, which sellers like.”
Start Looking Well Ahead of Time
Take your time to determine the right home for your budget and needs; then launch the hunt.
“If your goal is to be moved in by summer, you should be shopping now for homes,” added McDermut. “Waiting too long will probably not help you find the right house.”
Research Different Areas and Get To Know the Neighborhoods
To narrow down your search for your first home, it’s important to get a deep feel for various areas to best determine what best suits your lifestyle needs.
“Drive through your target neighborhoods,” said Missy Derr, a real estate advisor with Engel & Völkers Atlanta. “Visit parks, restaurants, [stores], etc. to see if you enjoy the amenities available. Meet who lives in these areas. Look to see if there are neighborhood Facebook groups you can join to get a sense of community.”
Have a List of Your ‘Musts’
Just like with budgeting (which heavily ties into home ownership), you need to distinguish wants from needs. Know what you will and won’t compromise on in a home. This will help you sharpen your search.
“Narrow down your search by having a good list of what you need in your home,” McDermut said. “If you work from home, you’ll want a dedicated office space. If you are starting a family, you might want to make sure there is an extra bedroom for your child. Do you have a dog? You’ll want to have a yard and understand any codes or rules (if it is in an HOA) about fencing.”
Shop Mortgage Rates
It’s wise to shop around when it comes to mortgage rates if you want to get the best deal.
“Not all mortgage companies have the same programs and rates. Find the right loan product for your needs,” McDermut recommended. “Your Realtor should have good relationships with several lenders and can get you on the right path.”
Contemplate Buying a Fixer-Upper
“If you’re looking to get a good price, it might help to think about buying a home that needs some work,” said McDermut.
Buying a fixer-upper will cost you in the long-term but could still be cheaper than buying a home that is in perfect condition.
“The benefits are that you will most likely get a strong ROI when you go to sell later, and you get to make the space your own.”
Remember: The Best Time To Buy Should Be the Right Time To Buy
Before you embark on your home buying journey, deeply consider whether this is the best time to do so. Though 2024 could be an ideal time to buy, it may not be the right time to buy for you.
“There will always be market conditions that make people think, ‘Should I?’ or ‘What if?'” said Bryson Taggart, Opendoor agent manager.
“But the majority of moves are driven by changes in life circumstances, like having a baby or relocating for a new job, and many people don’t have the luxury of waiting for interest rates to drop. The best time to buy is ultimately when it’s right for you and your financial situation.”
Try To Have Fun
You have worked and continue to work hard to be in a financial position to buy your first home. Enjoy the process as best you can. It’s a groundbreaking achievement.
“Buying a home is a big life moment and should be fun,” McDermut said. “Although it can be stressful, it is also a moment to soak in the joy.”
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