REALTORS Kristin Smith, Peter Crouch, and Bob Turner discuss real estate investing tips for 2024. Topics include buying your first investment property, investing in short-term rentals, becoming an Airbnb super-host, real estate investing in retirement, buying land, and the latest existing-home sales data.
Buying unimproved land as a real estate investment offers long-term value and the opportunity to create generational wealth and leave a legacy for future generations.
Lower mortgage rates are expected to stimulate buyer interest and potentially motivate buyers to take advantage of the market, providing substantial wealth-building opportunities.
Deep dives
December Existing Home Sales Decline Compared to November
In the last existing home sales report for 2023, it was reported that existing home sales in December fell 1% compared to November. This decline may not yet reflect the impact of falling mortgage rates, as the home buying process is a lengthier one and takes time for consumers to respond. However, mortgage applications in the first week of the new year have increased, indicating a potential future boost in home sales. It is important to note that although sales have declined, home prices continue to rise year over year, providing solid wealth-building opportunities for homeowners.
The Benefits of Buying Land as a Real Estate Investment
Buying unimproved land as a real estate investment offers many benefits. Location is key, and evaluating the land's potential for various uses, such as development, residential building, or recreational purposes, is crucial. Financing options are available, including mortgage loans from local banks or farm credit services. Understanding the market, researching the land's history, and considering environmental factors are essential in making a wise investment. While timing the market can be challenging, land investments can provide long-term value and appreciation. Land offers the opportunity to create generational wealth and leave a legacy for future generations.
Crochet Home Accessories: A Winter Trend in Home Decor
Crochet home accessories have emerged as a popular winter trend in home decor. The vintage and cozy feel of crochet adds warmth and texture to living spaces. Pinterest searches for winter crochet have surged, and people are incorporating crochet elements into their homes, such as pillows, blankets, ottomans, and even photo frames. These unique pieces provide a touch of nostalgia and personalization. Crochet home decor adds depth and character to any room and can create a cozy atmosphere during the winter months. It is a trend that combines traditional elements with modern accessories, bringing warmth and comfort to homes.
Lower Mortgage Rates and Buyer Interest: A Positive Sign for Future Home Sales
While existing home sales declined, there are positive signs for future home sales. Lower mortgage rates are expected to stimulate buyer interest, although it may take some time to reflect in closing data. Mortgage applications have been on the rise since the beginning of the year, indicating growing buyer activity. Comparing mortgage rates to previous highs, current rates appear more favorable, potentially motivating buyers to take advantage of the market. Homeownership continues to provide substantial wealth-building opportunities, with typical homeowners having a median housing wealth of $400,000 compared to renters at less than $10,000. As the year progresses, increased buyer interest and more listings are expected, contributing to a healthier real estate market.
Is 2024 the year to buy a real estate investment property? REALTOR® Kristin Smith from Dallas, TX gives tips on how to buy your first investment property and the best way to find a tenant. She also talks about how to invest in a short-term rental and the impact of being an Airbnb super-host. REALTOR® Peter Crouch from the Washington, D.C. area shares how to get started in real estate investing if you’re closer to retirement, while REALTOR® Bob Turner from near Memphis, TN discusses buying land. Additionally, NAR Chief Economist Lawrence Yun shares the latest existing-home sales data. And, finally, Melissa Dittmann Tracey lets us know if crocheted home accessories and coffee bars are hot or not.
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