Cold Figures vs. Reality: Home Buying Tips for 2024

In June 2024, the housing market experienced a significant shift. Prices of existing homes surged by 9.7% compared to the previous year, marking the biggest increase in two years, according to CBS Statistics. Despite this, the total number of transactions from June to June dropped by 12%, with only 14,662 homes sold. In the first half of 2024, 92,383 homes changed hands, with the average transaction price reaching €441,112.

Utrecht was the standout performer with a 17.3% price increase in the second quarter. Amsterdam followed closely with a 10.4% rise. The Hague saw prices climb by 5.9%, while Rotterdam experienced a 5.3% increase.

In Amsterdam, buyers typically pay 4.9% above the asking price. However, this figure can vary per home, so evaluating each situation individually is essential. All these statistics provide a clear picture of the 2024 market trends, but what if you’re looking to buy a home? Our first expert tip is: stay positive!

Approach the Market with just 3 Home Buying Tips

Given these statistics, how can you navigate the home-buying process and stay realistic? Here are some home buying tips:

1.  Understand your financial boundaries before diving into the market. Determine how much you can afford. This ensures you’re ready to act quickly when you find the right home. A good financial advisor can provide invaluable guidance. They can help you understand your budget, explore financing options, and ensure you’re financially prepared.

2. The demand often exceeds the supply in the housing market. Set realistic goals about what you can achieve within your budget. Understand that conditions can vary greatly depending on the location and specific property. We believe there is a house for everyone, so do not get too disappointed if you lose a bid, the home is not meant to be yours.

3. Work with a certified real estate agent who has an excellent reputation and proper qualifications. Since real estate is not a protected profession, ensure your agent is knowledgeable about local issues, especially in Amsterdam. They should understand topics like ground leases (which can affect your mortgage), moisture problems, owner associations, and foundation issues.

By keeping these points in mind, you can approach the home-buying process with confidence and clarity. Remember, preparation is key. Knowing your financial limits, seeking professional advice, and setting realistic expectations will help you navigate the market effectively.

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My name is Barry Burgemeester, founder of Burgemeester Vastgoed, and a certified real estate agent. I have been helping expats buy their homes since 2001. If you would like to benefit from my expertise, feel free to email me at info@burgemeestervastgoed.nl