Some Steps to Start Buying a Home in 2024

As we enter a new year, many people set goals and plan for the future. For some, this may mean preparing to buy a home in the new year of 2024. There are a few steps you can take now to make the home-buying process as smooth as possible.

Check your credit score.

Your credit score plays a significant role in home buying, impacting the interest rate you'll be offered on your mortgage. If your score needs improvement, start taking steps to boost it now, such as paying off debt and making on-time payments.

Get PreQualified

Prequalifications from a loan officer will help with budgeting and give you a clearer idea of what homes are in your price range and how much the loan you are approved for. It also shows real estate agents and sellers that you are a serious buyer.

Consider your down payment opinions:

Consider setting up a separate savings account for your down payment fund and contributing regularly. Inquire with a loan officer about down payment options associated with different loans. There are options for 0%-10% down payment loans if one can’t afford the 20% down.

Research neighborhoods and homes in your desired area.

Determine what you're looking for in a home and your budget. This will help narrow down your search and make the process more efficient.

Hire a Real Estate Agent

Once you're ready to start looking for a home, working with a MI Realtor® ensures your transaction will be handled professionally and your best interests will be put first. A good agent can help you navigate the housing market, negotiate with sellers, and find homes that meet your specific criteria.

Be prepared to act quickly when you find a home you love.

With the housing market constantly fluctuating, it's essential to be ready to make an offer when the right opportunity arises.

Buying a home can be a long and sometimes stressful process, but with careful preparation and patience, you can make your dream of homeownership a reality in the new year of 2024.