I Want to Buy a House in 2024. How Much Should I Offer Over the Asking Price?

Your budget is $400,000. You see a house you love, and it’s listed at $400,000. Perfect match, right?

Not so fast.

If you’re thinking of buying a house in 2024, you’ve likely noticed the U.S. is experiencing a peculiar housing market that won’t allow home shopping to be that simple. You’ll need to budget for the anxiety question: “How much should I offer over the asking price?”

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As you consider this balancing act, here’s what potential home buyers around the country can expect in the coming year:

  • The National Association of Realtors (NAR) predicts that existing home sales will increase 13.5% in 2024.
  • NAR also expects mortgage rates to drop closer to 6%.
  • Freddie Mac is forecasting home prices will go up by 0.8% between now and August 2024, followed by another 0.9% increase in the following 12 months.
  • A lack of housing inventory will mean fewer opportunities for sales in the marketplace.

“Lack of inventory is providing the support for high prices,” NAR Chief Economist Lawrence Yun told agent members at a recent housing tends forum. “But it’s also making it super difficult for first-time buyers to enter the housing market.”

However, real estate is a highly local game, explains James Strum, a Richmond, Virginia-based agent, with 17 years of experience. “There are so many variables. Is [the buyer] jumping into a beautiful, polished home with all the finishes in a hot market?” Or are you shopping in a city where homes have been sitting on the market for a while?

So what might a homebuyer expect to pay over asking price? Our expert-backed guide is here to help.



from HomeLight Blog https://www.homelight.com/blog/buyer-how-much-should-i-offer-over-the-asking-price/

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