We tell you what rents and mortgages will be like in 2024 in case you are planning to buy a house or rent an apartment.
And buy a house or rent an apartment is among your New Year’s resolutions, it is important that before deciding when to do it, check the conditions that the real estate market in 2024; that is to say, Whether or not rents and mortgages will rise.
Buying or renting any property is a decision that involves multiple factors: from the right time to do it to the right means to finance the expense.
Check also: Are you looking for an apartment in Cuauhtémoc? Check out the cheapest neighborhoods to rent
About, Punishment He consulted experts in the real estate market, who talked about what is expected in 2024 for rent and mortgage prices. They also told us if it is better to acquire a loan before the ‘January cost’ or wait a little and how to refinance a mortgage debt if you have one.
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Will house prices and apartment rents rise in 2024?
In accordance with Eric Yáñez, general director of the digital mortgage broker Holacasa.mx, “it is predicted that real estate prices will continue to rise” in the coming months and years. This is because “there is more demand for housing in Mexico than supply.”
Given this scenario, a good option if buying a house is in your plans is to turn to a mortgage credit. In this regard, he considers that a significant increase in interest rates is not in sight:
“Speaking of mortgages, it is forecast that the Bank of Mexico’s reference rate will continue to remain at 11.25% at least at the beginning of 2024, so we will not see major changes in bank rates,” comments the expert.
On the other hand, regarding the income situation, Melisa GaitánSales Ops & Growth Platform Director Homie.mxconsiders that in 2024 there will be a increase in prices proportional to inflation:
“Costs will continue to increase and this increase will be in line with inflation and could be between 6 and 10%. “We must remember that for an increase to occur there are several factors that intervene, among which are supply and demand, the availability of housing and the change in business model from short to long stay, inflation.”
However, he adds that it’s not all bad news:
“By 2024, it is expected that more than 6,000 new homes will come onto the market that all Chilangos will be able to rent, since they are intended for rental housing.”
Is it advisable to buy or rent a house or apartment in 2024?
This year’s end you are probably planning your New Year’s resolutions. And perhaps one of them is buying your own house or renting an apartment other than the one you currently live in.
However, the end of each year is associated with many expenses, while the new year is associated with the so-called ‘January cost’. So is it a good decision to embark on a project like this during December or January? For Eric Yáñez, the answer is: yes.
The expert recommendstake advantage of the fact that interest rates are stable. Likewise, he advises get ahead of the uncertainty that 2024 could generate because it is an election year:
“It is highly recommended [adquirir un crédito ahora], especially considering that interest rates have not decreased in recent months. Additionally, the election year in Mexico can add uncertainty to the market,” he comments.
Yáñez adds that andThis end of the year could be a good time to acquire a mortgage loan and secure a low interest rate. Furthermore, in case rates decrease in the next year, you can opt for the strategy of refinance the mortgage.
How to acquire or refinance a mortgage?
Asked about the appropriate strategies for acquiring a mortgage, Eric comments that before doing so it is important to have saved the amount of the down payment and other expenses:
“If it is among your plans or purposes to acquire a home with a mortgage loan, it is necessary to consider that you need between 10 and 16% of the total costsince you have to take into account the down payment and the additional expenses they have, such as deeds, notaries and others.”
A mortgage loan can be acquired both in traditional banking and in “Sofomes and the startups of the sector proptech y fintech that make it easier for you to acquire financing”.
As for the refinancing of a mortgage, the recommendation is to do between years two and seven of payment:
“Carrying out this action can bring good benefits, from a lower monthly payment amount, obtaining a more attractive interest rate or CAT or, failing that, reducing the credit term.”
Both the acquisition of the mortgage and its refinancing can be done with several institutions. About. Yáñez recommends approaching platforms such as Holacasa.mxwhich uses technology to compare multiple quotes or amortization tables prior to acquiring the mortgage and offer you the best option.
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2023-12-20 23:02:13
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