Why You Should Buy a Home Before 2024 Ends

October is here, and the election season is in full swing. As November approaches, many Americans are stuck deciding whether to make a big move now or wait until after the election. While hesitation is normal during this time, it could be costing you the chance to secure your dream home at a better price. Based on research, this blog explores why purchasing a home before the end of 2024 may be the smartest decision for your future.

Historically, Home Prices and Sales Are Affected by Presidential Elections

One common myth that surfaces around election season is that home prices will drop once a new president is inaugurated. This belief leads many potential buyers to delay big purchases, like homes or cars, until January or early into the new year. However, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors® (NAR) tells a different story. In fact, the U.S. median price for single-family homes has increased after seven of the last eight elections. In other words, that stunning home you’re eyeing could very well jump in cost next year. Don’t make the same mistake as some people in the last election, who ended up paying $50,000 more just by waiting!

Less Competition, More Opportunity

Many potential homebuyers are holding off for various reasons, but this widespread hesitation could work to your advantage! The data from HUD and NAR also reveals that existing home sales tend to rise in the year following an election. Buying now, before the end of 2024, means less competition and a better chance to secure your dream home—giving you first dibs before the market heats up. Plus, with interest rates dropping, there’s no better moment to make your move, literally!

Interest Rates Are Dropping

On September 18th, the Federal Reserve cut interest rates by half a percentage point—the first major reduction since the COVID pandemic. The very next day, mortgage rates dropped as low as 6%, offering much-needed relief to homebuyers. Financial experts predict that rates may continue to fall as the year comes to a close, creating even more cost-effective opportunities in the housing market. If you’ve been considering buying a home, now is the time to act before the market has the chance to shift in the new year. With the upcoming election, real estate market conditions may change. Lock in your mortgage rate now to ensure financial stability for 2025.

New Year; New Building Code

A new calendar year often brings updated building codes, which set the legal requirements for the minimum safety standards for all homes and buildings. Starting January 18th, 2025, Virginia will adopt the 2021 Virginia Uniform Statewide Building Code (VUSBC), affecting all new construction permits. This change may increase costs for builders and buyers, as homes must meet stricter requirements. Waiting until next year to buy a house means paying more for the same property due to added compliance costs and delays. Buying now secures today’s standards and pricing—saving both time and money.

Home for the Holidays

As November approaches, so does the excitement of the holiday season and the joy of hosting loved ones. According to the New York Post, Americans typically host around seven gatherings a year—many of which occur during the festive season. HHHunt Homes offers move-in ready homes with a 30-day closing. You could be celebrating the holidays in your new space sooner than you think! So why wait to move? Imagine entertaining in a gourmet, upgraded kitchen, decorating your outdoor porch or making memories in a spacious, open living room. Treat yourself to the ultimate present this year by purchasing a new home!

While the holidays bring joy and connection, they can also bring financial stress heading into the new year. According to Gallup Polls, housing ranks just behind inflation as the top financial concern for families. Waiting to buy means juggling post-holiday expenses while trying to save for a large investment. By purchasing now, you can spend the holidays cozy and relaxed, knowing you've secured your new home without the added pressure in 2025. Give your family the gift of peace this season.

As you can see, buying a home this fall is a great idea. Take advantage of falling interest rates (pun intended), avoid rising construction costs and enjoy your holidays in a beautiful new home. Ready to make the move? Contact a New Home Advisor at HHHunt for more information about move-in ready homes.