What Homebuyers and Sellers Are Worried About Right Now – Fall 2024 Edition

As a real estate agent, I have 20+ daily conversations with homebuyers and sellers. And right now, with the fall season here and an election on the horizon, the same concerns keep coming up—whether you're looking to buy or sell a home. So, let's talk about what’s really on everyone’s mind.

Homebuyers Are Asking: “Can I Afford a House Right Now?”

The biggest thing buyers are worried about? Interest rates. Even though we have recently seen a rate cut, it’s not enough. It’s not just about the home price anymore—it's the monthly payment. In many markets, homeowners insurance costs are as critical a factor as interest rates. 

Another issue that keeps coming up is housing affordability. Prices haven’t come down enough to make a big difference.  The struggle to find affordable homes is real, especially with limited inventory.

There is good new though....

When I sit down with buyers and explain the many options available to them, I love seeing their faces light up with excitement!

The thing is there are many down payment assistance programs available across the United States. For instance, in my market, Oklahoma City, the OCHFA, and my buddy who is the executive director, can get you a killer deal with a low rate, and a downpayment assistance amount you don’t have to pay back! 

There are many programs, offered by state housing finance agencies, local governments, and non-profit organizations, that provide grants and low-interest loans to help cover down payments and closing costs.

Futhermore, to the surprise of many of my clients, these resources are NOT just for low income families. Folks with incomes over $90k or more can use these resources for home purchases for properties in the $500k price range! Who knew?

There are other programs through many lenders like Bank of America and Rocket Mortgage's ONE+ program, which allows for a 1% down payment with a 2% grant from the lender.

By combining these assistance programs with affordable mortgage options and timing their purchase strategically, buyers can make homeownership financially feasible. And, with many of these programs you don’t even have to be a first-time homebuyer! 

Isn't it nice hearing something positive about the real estate market?

Okay, on the flip side, we know there are more factors affecting homeownership. The fact is many people face an overall sense of economic uncertainty.

We’re heading into an election year, and no one knows exactly what that’ll mean for the economy. With talk of inflation, job security, and a possible recession still hanging around, buyers are being extra cautious.

So, in light of these factors, when I counsel a potential homebuyer we look at their entire situation. Now, more than ever, other factors have to be considered.

For instance, I was talking with a young couple the other day, and the husband was being transferred out of town. His employer was offering incentives to purchase a home. After running the numbers and looking at the situation from a bird’s eye, it would be more cost-effective for the couple to relocate, use the company’s incentives, and buy in the new market.

Considering the cost of maintaining two households, even for six months, and the toll of living separately, it was a wiser choice to buy, even with the higher rates and home prices. 

Sellers Are Saying: “Is It Still a Good Time to Sell?”

I’m hearing from sellers: “Is it the right time to put my home on the market?”

With interest rates where they are, some sellers worry there aren’t as many buyers willing to pay top dollar for their home. They’re concerned that the buyer pool has shrunk and their home might sit longer than expected. Plus, sellers that are locked into a lower rate, even though life factors require a move, can’t seem to justify a new mortgage at  a higher rate. 

Home values are another big concern. Sellers know the market has cooled from its peak, so they wonder if they’ve missed the window to get the best price. Now that values are dropping there’s a fear of listing at the wrong time.

And, just like buyers, sellers are keeping a close eye on the election. They’re worried about the economy, social unrest, and potential changes in tax laws, property regulations, or housing policies that might come with new leadership.

If things change drastically, it could impact the housing market, and sellers want to ensure they’re not caught off guard.

Every day, I talk to sellers, and many have had their homes on the market and have given up.

Most of the time, when talking with sellers I discover common themes. Many have unrealistic expectations, put in little effort in marketing their homes, and don't have a stragety in place. These are the primary reasons they were unsuccessful in selling or in getting the price they wanted.

The solution, sellers have to be flexible, especially now and in the coming months; staging, high-quality photos, and strategic marketing tactics are essential. My biggest recommendation is to have a plan and hire a good agent.

So, What’s the Takeaway?

Whether you’re buying or selling this fall, the real estate market is definitely in a more uncertain place than it was a year ago. But with the right strategy and an understanding of where things are headed, plenty of opportunities remain.

If you’re a buyer, stay patient and keep an eye on the numbers. There are still good deals out there—you just have to be ready to act when the right one comes along. And if you’re selling, now is still a great time to list your home, especially if you price it right and prepare for a slightly longer timeline.

Whether you're buying or selling, my job is to help you navigate these uncertain waters so you can feel confident in your decision.

Let’s grab coffee soon, and I’ll explain what’s happening in the real estate market right now. We can make a plan together, or not. At least you will come away with valuable information that will help you when you decide to buy or sell.

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