72Sold on Why Right Now is the Right Time to Buy that New Home

With 2024 underway, 72Sold says this year could be new homebuyers' perfect investment opportunity. That's as conditions are as encouraging as ever for buyers and their families, from potentially favorable interest rates to highly motivated sellers looking to reach quick deals. 

Revolutionary real estate firm 72Sold sells clients' properties in record time. The Arizona-based organization is now one of the fastest-growing companies in its sector, enjoying explosive growth since its launch five years ago. The firm aims to sell its clients' properties in less than eight days. 

The following is a closer look at why the record-breaking real estate company's experts believe now's the right time for homebuyers to invest in properties. It's a closer look that starts with today's current buyer-favoring housing market. 

Three Reasons to Buy a New Home in 2024 

It's Increasingly a Buyers' Market 

While 72Sold predominantly serves real estate sellers, its experts are happy to point out that today's property landscape temporarily favors buyers. That's because the housing market is at its least crowded for some time. Uncrowded market conditions benefit buyers because there's less competition for properties. 

This buyers' market comes after historic low mortgage rates during 2021 and 2022 massively drove up the demand for homes nationwide. For two years, homes repeatedly sold for well above asking as bidding wars among buyers pushed prices skyward. The result was a sellers' market. 

However, because fewer buyers exist in the market, sellers are at a disadvantage for the first time in several years. The result is more leverage for buyers, most notably where sellers are motivated to agree on deals for one reason or another. 

Opportunities to Negotiate Favorable Rates 

The historic low mortgage rates of 2021 and 2022 that drove up demand for homes are now a thing of the past. That said, savvy homebuyers can still secure more favorable interest rates in 2024 than banks may have led them to believe possible in the past 12 months. 

Average mortgage rates are three times higher than two or three years ago. Unsurprisingly, this continues to put many prospective buyers off purchasing properties. But where buyers have healthy credit scores and large down payments saved up, that needn't be the case. 

With good credit and sizable cash reserves, buyers today could have a significant upper hand in the real estate market. 72Sold recommends negotiating a lower rate with lenders by increasing the required down payment. Aim for at least a one-third down payment rather than the traditional one-fifth to secure the most favorable rates currently available. 

Chance to Capitalize on Seller Motivation 

Buyers in favorable financial positions can benefit from today's slowed-down real estate market by capitalizing on seller motivation. With average interest rates remaining high and the property market still favoring buyers, sellers are increasingly motivated to sell. 

The winter months are also a famously unpopular time for people to buy or sell real estate. So, with 2024 only just underway, now's a great time to capitalize. Seller motivation often wanes going into spring and summer. Buyers can achieve a valuable upper hand by dealing now before the warmer weather and longer days arrive. 

Accordingly, there should be opportunities aplenty to negotiate. That includes everything from outright sale prices to finer details like whether a property comes with appliances or furniture. Such inclusions can be invaluable for first-time buyers. 

The Bottom Line 

As 2024 gathers pace heading into spring and summer, there's every chance market conditions could swing back in the favor of sellers. Average mortgage rates will likely climb further in the coming months, too. At the same time, house prices are only going in one direction, and that's upward. Of course, nothing in life is definite. 

Nor is there ever a perfect time across the board to buy or sell properties. However, where finances allow, the start of 2024 represents a broadly positive opportunity for buyers to invest in real estate. With that, now could be the ideal time to put down roots by securing the perfect property while market conditions temporarily favor homebuyers. 

Investing involves risk and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.