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3 homebuying approaches to take in 2024

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Homebuyers in 2024 should take an informed — but aggressive — approach to the market.

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After months of data showing inflation cooling, the first report of 2024 showed it ticking up again. Currently, at 3.4% percent, inflation is still significantly higher than the Federal Reserve’s target goal of 2%. That means there’s still work to be done and, despite some arguably premature hope, interest rate cuts may be pushed off until later in the year — if they come at all.

That’s unfortunate for many borrowers, and particularly homebuyers who had seen rates come down slightly in anticipation of rate cuts to come in 2024. And while the benchmark rate may still ultimately be lowered this year, by how much and when that will happen is unknown at this stage. 

That said, there are some compelling reasons for buyers to act now. But with these economic considerations at the forefront, there are some more advisable approaches to take than others.

Start by exploring your mortgage rate options here to see what you could qualify for.

3 homebuying approaches to take in 2024

Here are three smart approaches homebuyers should consider taking this year.

Be informed

Arguably, the best approach for homebuyers right now is an informed one. The more knowledge you have about the economy, the real estate market and where you want to buy, the better. With volatility still in play, you’ll need to be informed and up to date on the state of inflation and the corresponding interest rates. 

Homebuyers should also start researching their potential lenders now — and avoid waiting to do so when rates stabilize. Shop around and see what rates you could qualify for from multiple lenders and be sure to look at any additional fees or charges each lender may tack on during the closing process. You may be surprised at how much you could save simply by doing your research and being informed. But you won’t know those figures until you get started.

Begin exploring mortgage rates and lenders online now.

Be aggressive

The mortgage rate environment changes daily, and the rate you can secure today could be dramatically different than what you can get tomorrow — or what you could’ve locked in if you’d applied last week. With this understanding, don’t be afraid to be aggressive and lock in a rate when it works for you. The interest rate environment right now is still too volatile to act otherwise. 

There are likely plenty of homebuyers who regret not locking in a 5% or 6% rate in recent years, but those “high” rates would be considered low now when matched up against the average 7% rate many can get in January 2024. So don’t be afraid to be aggressive when an attractive rate is presented. You can always refinance in the future — or unlock and lock in a newer, better rate before closing.

Be realistic

While it may be tempting to wait for mortgage interest rates to fall, particularly in light of recent inflation news, homebuyers should also take a grounded and realistic approach. Even if rates were to drop this year, they’re unlikely to do so in a dramatic fashion. And the sub-3% rates of 2020 are highly unlikely to return anytime soon (if they do at all). After all, those historically low rates came during the height of the pandemic when the economy was experiencing unprecedented turbulence. 

In a more stable and reliable climate, then, they’re more likely to level off somewhere higher (although maybe not as high as where they are now). So, be realistic about your expectations and understand that if it means passing up on your dream home or losing a great opportunity, you’re likely better off acting now versus waiting for a rate climate that may never return.

Learn more about what mortgage rate you could qualify for now.

The bottom line

Today’s real estate market and mortgage rate environment are unique. As such, homebuyers need to take a more nuanced approach to the process. This includes being hyper-informed about inflation, interest rates and broader economic trends, but it also means being aggressive and proactive when the rate environment changes in a more favorable way. Finally, by taking a realistic approach, buyers can avoid missing out on their dream home or great opportunities. Combined, buyers can better position themselves for success this year, regardless of what happens in the larger rate environment. 



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Floods, landslides struck parts of Bosnia as residents slept, leaving at least 16 dead and several missing

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A severe rainstorm struck Bosnia overnight Friday, killing at least 16 people in floods and landslides in several towns and villages in central and southern parts of the country, with surging waters rushing into people’s homes as they were sleeping.

Rescue services in the south said several people were missing and called on volunteers and the army to assist as roads were closed and houses left without electricity.

Josip Kalem, a resident of Fojnica, one of the towns hit by the floods, said his dog’s barking woke him up at around 4 a.m. When he came out on the terrace, he saw the water rising rapidly.

“I came down, woke up my wife, and we looked around, we could not get out of the house. We saw more and more water coming in,” he said. “All of a sudden, the water was flooding the garage, basement, my car — everything. The water swept it all away, including my dog. Flood took it downstream.”

Andja Milesic, another resident of Fojnica, also said she was caught by surprise in the middle of the night.

“When I woke up, my bedroom floor was already soaked. I walked into the hallway — water was everywhere — the living room, everywhere,” she said. “It was horrible.”

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A car is submerged in flood waters outside an apartment building in the village of Kiseljak, northern Bosnia, Friday, Oct. 4, 2024.

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Darko Juka, a spokesman for the local administration, said at least 14 people had died in and around the southern town of Jablanica. Officials later said two more bodies have been found.

“Those are the ones who have been discovered by rescuers,” he said. “We still don’t know the final death toll.”

“I don’t remember such a crisis since the war,” Juka said referring to the 1992-95 war in Bosnia that left the country in ruins. “The scale of this chaotic situation is harrowing.”

Defense Minister Zukan Helez told N1 regional television that troops have been engaged to help and that the casualties were reported.

Helez said that “hour after hour we are receiving news about new victims. … Our first priority is to save the people who are alive and buried in houses where the landslides are.”

A pregnant woman lost her baby after she was rescued from the floods and transferred to a hospital in the regional center of Mostar. Authorities said doctors were fighting for her life as well. Separately, a child was successfully rescued and hospitalized, local officials said.

Rescue services in the towns of Jablanica and Kiseljak said the power was off overnight and mobile phones lost their signal.

The Jablanica fire station said that the town was completely inaccessible because roads and trainlines were closed.

“The police informed us that the railroad is also blocked,” the state rescue service said in a statement. “You can’t get in or out of Jablanica at the moment. Landline phones are working, but mobile phones have no signal.”

It urged people not to venture out on the flooded streets.

Human-caused climate change increases the intensity of rainfall because warm air holds more moisture. This summer, the Balkans were also hit by long-lasting record temperatures, causing a drought. Scientists said the dried-out land has hampered the absorption of floodwaters.

Bosnia Flooding
Apartment buildings are reflected at a flooded soccer field after a heavy rain in the village of Kiseljak, northern Bosnia, Friday, Oct. 4, 2024.

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Drone footage broadcast on Bosnian media showed villages and towns completely submerged under water, while videos on social networks showed dramatic scenes of muddy torrents and damaged roads.

One of the busiest roads linking Sarajevo with the Adriatic coast via Jablanica was swept into a river, together with a railway line in a huge landslide, according to photos.

“Many people are endangered because of big waters and landslides. There is information about victims and many injured and missing persons,” said the civic protection service.

Authorities urged people to stay on the upper floors of their homes. Reports said surging waters swept away domestic animals and cars as the water swiftly filled up lower floors of buildings.

The heavy rains and strong winds were also reported in neighboring Croatia, where several roads were closed and the capital of Zagreb prepared for the swollen Sava River to burst its banks.

Heavy winds have hampered traffic along the southern coast of the Adriatic Sea, and flash floods caused by heavy rain threatened several towns and villages in Croatia.

Floods caused by torrential rains were also reported in Montenegro, south of Bosnia, where some villages were cut off and roads and homes flooded.

In 2014, floodwaters triggered more than 3,000 landslides across the Balkans, laying waste to entire towns and villages and disturbing land mines leftover from the region’s 1990s war, along with warning signs that marked the unexploded weapons.



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The Uplift: Steve Gleason and more

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The Uplift: Steve Gleason and more – CBS News


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NFL legend Steve Gleason shares his experience with ALS in a heartfelt conversation with David Begnaud. A man whose life changed drastically in a split second is using the life-changing event to inspire others. Plus, more heartwarming stories.

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Eye on America: Inside an extreme sports camp, and a look at how libraries are innovating

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Eye on America: Inside an extreme sports camp, and a look at how libraries are innovating – CBS News


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In Pennsylvania, we visit a sleepaway camp that’s training the next generation of extreme sports stars. And in South Carolina, we see how public libraries are evolving to better serve the growing and diverse needs of its community members. Watch these stories and more on “Eye on America” with host Michelle Miller.

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