For many people, buying a house is considered a major milestone of adult life. But when shopping starts, the process may become overwhelming. You may quickly find yourself asking questions, such as, “How does the housing market work?”
The housing market is fluid, adjusting rapidly as the economy and homebuyer’s needs change. It’s a classic example of supply and demand. When demand is high due to fewer available houses, prices rise.
But when more houses are on the market and fewer people are shopping around, sellers may need to lower their asking prices to attract potential buyers. Interest rates play a factor in the housing market as well: High interest rates can mean fewer interested customers, but lower interest rates can mean more people can afford to buy their dream homes.
You may even end up asking, “Should I speak with a lawyer when buying a house?” An experienced attorney can help you understand the legal home-buying ins and outs. They can assist in ensuring that you follow all the correct steps and complete all the required legal processes. Though a lawyer’s advice may cost some money on the front end, it’s a valuable asset that could save you time and money down the road.
If you are wondering how on earth you could buy a house in today’s housing market, don’t worry. We’ve got some basic tips and info to give you the know-how you need to start your home-buying journey on the right foot.
The state of the current housing market for buyers
2023 saw a bumpy road for the market, due to sellers keeping high pandemic-level prices while buyers were no longer satisfied with paying such unreasonable amounts. Later in the year, the market began to level out. However, interest rates were too high for many people to consider shopping for homes. Construction also slowed due to the interest rates.
Now in 2024, mortgage rates and home prices are still a bit too expensive for some peoples’ palates. But while not enough homes are currently on the market to lower demand, prices have slowed in their increase over the last few months. Ideally, mortgage rates will slowly begin to fall so that the housing market can level out and give more people the opportunity to do some serious shopping.
A lawyer can help you navigate the changing tides of the 2024 housing market. You may need help understanding the legal requirements of your housing loan and interest rates. An attorney can also explain the legalities of the home-buying process in your specific state, as laws vary depending on your location. Your lawyer can review contracts and other paperwork involved in the transaction. After all, buying a house costs a lot of money and you want to make sure you do it all correctly and legally!
Tips for navigating the housing market for first-time homebuyers
If you are a first-time homebuyer, you are entering the market at a historically difficult time. Low housing supply means that you could search for a while before you find a suitable home option. Additionally, you may not have the budget to accommodate the high interest rates and asking prices that you will probably run into if you do find a good house.
You want to do some serious research before you dive into the housing market for the first time. Find out what the market is like in your specific state. Speak with experts you may know or ask local realtors for their insight about the availability of homes in your area.
Now is a great opportunity to build a good relationship with your bank! Visit with lenders to find out about loan options and interest rates that you would end up paying if you were to purchase a house.
Do you need a lawyer to buy a house?
Not sure where to start with the legal details of a home purchase? You don’t necessarily need an attorney. However, a lawyer’s assistance could be greatly beneficial during this process.
LegalShield provider law firms give you the legal help you need at an affordable rate. LegalShield gives you access to a provider law firm for a small monthly subscription fee. Becoming a LegalShield Member means you can get the consultation you need when home-buying questions arise. Our provider law firms can also help review contracts on your behalf, which is hugely helpful when purchasing a house requires so much paperwork!
Access to an affordable provider law firm gives you the empowerment and peace of mind that you deserve as you navigate the housing market in search of the perfect home.
Take the next step!
We’ve already seen that the 2024 housing market does not make buying a home very simple. But having access to legal help and protection is a great way to begin the process with confidence!
- Get trusted legal guidance for real estate matters.
- Shop legal plans.
- Start your moving process off right.
Pre-Paid Legal Services, Inc. (“PPLSI”) provides access to legal services offered by a network of provider law firms to PPLSI members through membership-based participation. Neither PPLSI nor its officers, employees or sales associates directly or indirectly provide legal services, representation, or advice. Certain benefits are not available in all states. See a legal plan contract for a specific state for complete terms, coverage, amounts, and conditions. The information made available in this blog is meant to provide general information and is not intended to provide legal advice, render an opinion, or provide a recommendation as to a specific matter. The blog post is not a substitute for competent legal counsel from a licensed professional lawyer in the state or province where your legal issues exist, and you should seek legal counsel for your specific legal matter. Information contained in the blog may be provided by authors who could be a third-party paid contributor. All information by authors is accepted in good faith, however, PPLSI makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information.
