If we only had a crystal ball, we could easily predict the 2024 real estate market! But how many prognosticators have missed the trends over the last few years? While many experts, like NAR Chief Economist Lawrence Yun are predicting interest rates will ease down and listings will steadily show up, there’s reliably 3 ways to increase our real estate wealth no matter what the market does.
1) Do an In-Depth Study of Your Budget.
What if you could save up an additional 10-15% to put down on a down payment, or have enough cash on hand to pay for home improvements? Finance 101- pennies make pounds. It starts with crunching your budget, analyzing your frivolous spending habits (and subscriptions), and then making tough decisions. Is paying four figures for a dress you’ll only wear once or twice that important? And do you really need those extra items in your cart? Watch your emotional purchases and think long term.
2) Build a List of Trusted Home Improvement Professionals.
Do you own a home? Or are you renting? No matter where you are, start making a list of trusted contractors today. Pay attention when people ask for recommendations on social media and keep track of the contractors you’re happy with. Quotes can be all over the place and quality of work matters too. A handful of trusted experts could save you thousands. Start gathering names today, so when you’re ready to invest in real estate you’ll be able to move quickly.
3) Study Micro-Markets.
Start thinking about where you want to invest. Which areas do you like? Where do you spend your free time? A good deal isn’t always easy to find. Sometimes it takes patience and research. Narrow it down to streets you like in different neighborhoods. If you’re open to more places you could find a better deal. There could be a small piece of property near your house or something you’ve noticed on your way to work. Keep your eyes open and make a point to pay attention. You never know where an opportunity could pop up.
If you’d like to discuss the local real estate market, I’d love to discuss it! You can reach me at firstname.lastname@example.org.