3 Ways to Achieve Your Homeownership Goals in 2024
If buying or selling a home is your goal for 2024, it is critical to understand today's housing market, know why you want to buy or sell, and collaborate with industry experts to bring your homeownership vision for the new year into focus.
The economy has had a significant impact on the housing market, and most likely on your wallet, over the last year. That is why it is critical to have a clear picture not only of the current market, but also of what you want out of it when buying or selling a home. Danielle Hale, Chief Economist at Realtor.com, explains:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”
Here are a few things to think about as you define your goals for 2024.
1. Know Your Why
You’re dreaming about making a move for a reason—what is it? Regardless of market conditions, there are numerous compelling reasons to purchase a home today. Your needs may have changed in a way that your current home cannot accommodate, or you may be ready to take the plunge into homeownership for the first time. Use your why and motivation as a guidepost in collaboration with an expert advisor to ensure that your move leaves you with a lasting sense of accomplishment.
2. Figure Out What Your Next Home Needs To Look Like
You know you want to relocate, but how would you describe your ideal home? The number of homes for sale has recently increased, which could mean more options when it comes time to buy. However, overall housing supply remains lower than in more normal market years, so you will need to work closely with a professional to find what you are looking for. Just keep your budget in mind as you weigh your wants and needs. The more you understand what is important and where you can be flexible, the easier it will be to find the right home for you.
3. Determine if You’re Ready To Buy
Before you get too far into the process, you must first determine your budget and available savings. Working with a local agent and a lender early on is the best way to ensure you are in a good position to buy. This could include deciding how much to save for a down payment, applying for a home loan, and calculating your current home equity if you are selling your current home.
A Professional Will Guide You Through Every Step of the Process
Buying or selling a home requires knowledge and experience. It is normal to feel a little overwhelmed by this. Do not let uncertainty prevent you from achieving your goals this year. A trusted expert will assist you in bridging that gap and providing you with the facts and advice you require about today's housing market.
Let us talk about how to make your homeownership dreams a reality in 2024.