_{Presented by Astra Properties LLC}
Navigating the Evolving Landscape of Homebuying in 2024 with Up-to-Date Approaches
_{By Nicholas Burrus · 01/31/24
Thanks for tuning in to today’s read! Read time for today is roughly 5 mins.}

Welcome back and thanks for tuning in 🌅 

As you know, the market is changing - old ideas are starting to get phased out.

That’s why you think ahead and look for new trends and opportunities around every corner.

Today, we're dishing out buying strategies that fit the current market.

Let's get to it

Say Goodbye to Outdated Homebuying Strategies 👋

^{Strategies that fit the current market}

Time has changed - the old rules no longer apply in 2024!

That means it's time to update your home-buying strategies or miss out on great investments.

Don't know where to start? We're coming through for you 😏

Outdated strategy: Mortgage rates are up; wait it out!
Our advice: Buy that property NOW

The market is recovering; now's a great time to seal the deal.

Mortgage rates rose to an all-time high of 8% last year, but this year, the rates are falling because of: 

• Pent-up demand 

• Slowing inflation

• The upward trend in personal income

Experts believe the rates will drop to mid-6% and that's as good as it's going to get as far as interest rates are concerned.

Outdated strategy: Competition is low
Our advice: Competition is cutthroat

Don’t think investors are taking it easy this year 😲

Rates are dropping - depending on the city, properties are selling faster than ever.

Expect fiercer competition as buyers scramble to jump right back into the market! 

We highly suggest polishing your negotiation skills to bag that deal and leave competitors in the dust - our guide here.

Outdated strategy: Sellers won't negotiate with buyers
Our advice: Sellers are willing to hear your proposal

During the past years, sellers have been unwilling to negotiate with buyers because listings are scarce. In 2024, there will be more room for negotiations as new listings flood the market. 

If you have an offer, now's the best time to let the seller know your price. 

… And if you’re lucky, you might finesse your way into:

• A lower property price

• Lower the fees associated with the property

• Getting sellers to shoulder portions of the closing costs

• Paying points to lower the interest rate

Outdated strategy: The highest offer gets the deal
Our advice: The best offer gets the most attention

Back in the day, buyers have no choice but to offer a higher price to snag a property. Not anymore.

New listings are plenty in the market, and more homes are up for grabs. 

Many sellers are not only willing to negotiate a deal; some are even ready to accept offers 3% to 4% lower than the asking price. 

But avoid a lowball offer - this is a no-no!

A reasonable price is key to scoring a great property 💯

Outdated strategy: Give a formal offer ASAP
Our advice: Float a soft offer

Back in the day, it was normal to give a formal offer as quickly as possible because the market was tight. 

Not anymore! 

Some markets do have fewer competitors, meaning sellers are more receptive to negotiations. And with that, buyers have more time to come up with a soft offer. 

Give a price below the asking price and see where that gets you with the seller. Testing the waters with a soft offer might lead to a great deal.

Outdated strategy: Buy and flip a property ASAP
Our advice: Think long-term!

House flipping used to be huge moneymakers back in the day! Buyers would earn a fortune buying and flipping a cheap house at a big profit. 

But times have changed, indeed - house flipping has become less profitable in recent years.

2024 is all about acquiring long-term investments 🔥

Successful investors are buying and holding properties for at least 5 years to get the most out of their investments, and so should YOU.

You can’t lose when you think long-term.

💫 What Else is Poppin? 💫 

Airbnb is Eyeing the International Market with a New Feature

^{Planning your next getaway?}

Looks like Airbnb is gunning for the international market as the app introduces a new currency conversion fee. 

Starting in April, international guests will pay in a different currency than the listing. They may also get charged up to 2% of the subtotal, excluding taxes 🤑

The guest fee could go as high as 16.5% of the subtotal. Hosts also have the option to tack on a cleaning fee - which received a hailstorm of complaints from guests. 

The currency conversion fee is part of its international expansion efforts as the platform expands internationally. The extra charge for cross-currency bookings could drive $200 million to $500 million in incremental profit in 2025.

After the announcement, Airbnb’s shares jumped 5.3% to $149.62.

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