Should you buy a home in 2024 by the First Responder Realtor
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Should you buy a home in 2024 by the First Responder Realtor
Connor “with Honor” MacIvor - October 15, 2024** 0 Comments | Add Comment
Should You Buy a Home Now? A First Responder Realtor’s Advice for 2024 Buyers
As a First Responder Realtor, I often get asked, “Is now the right time to buy a home?” It’s a fair question given today’s real estate market, and my answer isn’t always straightforward—it depends on your personal circumstances and the reason for buying. Let’s dive deeper into what you need to consider before making this important decision.
Understanding Your Reason for Buying
The first question I ask my clients is: why do you want to buy a home? Are you starting a family? Tired of rising rent? Looking to build equity instead of paying a landlord? If you’re buying a home to establish roots or take advantage of interest deductibility, your motivation is key. The timing of the market plays a role, but it’s not the only factor that matters.
Exploring the Real Estate Market in 2024
We’re currently in a unique situation. While real estate prices are the highest they’ve ever been, that’s been the case throughout history—there’s always a point where people say, “It’s the highest it’s ever been.” However, if you look back, real estate has always grown over time, even through its cycles. If your purchase makes sense for your long-term goals, the timing is less crucial than finding the right property.
How Much Should You Spend?
Another question my clients frequently ask is, “How much house should I buy?” Just because you’re pre-qualified for a certain amount doesn’t mean you should max out your budget. Consider the total monthly costs: beyond your mortgage, there could be homeowner association fees, Mello-Roos taxes, utilities, landscaping, pool maintenance, and more. A higher monthly payment may seem feasible on paper, but you need to be sure it fits your lifestyle and financial goals.
Take some time to sit with the numbers. Talk to your partner or someone you trust, and ask yourself: can we comfortably afford $4,700 a month, including all those hidden costs? If not, scale back and find a home that fits better into your budget.
Understanding the Local Market Conditions
Right now in Santa Clarita and Valencia, we’re seeing price reductions across the board. Sellers are pricing their homes higher, thinking the market will continue to rise, but many are finding that they need to reduce prices to generate interest. As of this week, there were 70 price changes in the local market, showing that sellers may be overestimating future demand.
Listings aren’t increasing as rapidly as they were a few months ago, and the market is stabilizing. We’re no longer seeing the exponential price growth we did last year. If you’re a buyer, this could be an opportunity to find deals as sellers adjust their expectations.
Other Considerations
There’s more to buying a home than just the market and the price. Consider your lifestyle:
Final Thoughts
Ultimately, buying a home is a very personal decision. My goal as a First Responder Realtor is to provide honest, straightforward advice. Whether it’s guiding you through your financials or walking you through potential homes, I’m here to make sure your decisions are well-informed and in your best interest.
Remember, as I always say: I’m saving the world one honest home sale at a time. Let’s find the home that fits your life and goals—on your terms.
Feel free to visit Santa Clarita Open Houses for more resources and the latest listings!
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Yes, I earn referral fees when you work with agents I recommend. But unlike national platforms like Zillow or Realtor.com, I personally know and vet every single agent in my network of 17 trusted professionals.
My recommendations are based on YOUR specific needs and the complexity of your situation—not who pays the highest referral fee. I live in Santa Clarita Valley, and my reputation in this community depends on your success. Local accountability matters.
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