How Do You Plan to Achieve Your Housing Market Goals This Year?
If buying or selling a home is one of your aspirations for the upcoming year, you need to stay informed about today's housing market, be clear on what you want, and work with knowledgeable professionals in order to make it all come together. With their help, 2023 can become a reality full of new homeownership opportunities!
Over the past year, high inflation rates have caused substantial repercussions throughout the economy and housing market, not to mention our wallets. Hence, it is essential to have a distinct comprehension of the current market and your desired outcomes when investing in or offering up real estate. 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 questions you can start thinking through as you fine-tune your goals for 2023.
You’re dreaming about making a move for a reason—what is it? No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way that your current house can’t address them, or you could be ready to step into homeownership for the first time and have a space that’s your own. Use what’s motivating you as a guidepost in partnership with an expert advisor to help make sure your move will give you a lasting sense of accomplishment.
2. What Will Your Next Home Look Like?
You know you want to move, but how would you describe your dream home? The available supply of homes for sale has grown, and that could mean more options to choose from when you buy. Just be sure to keep your budget in mind and work with a trusted real estate professional to balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it can be to find the right home for you.
3. How Ready Are You to Buy?
Getting clear on your budget and savings is essential before you get too far into the process. Working with a local agent and a lender early is the best way to make sure you’re in an excellent position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if your move involves selling your existing house.
A Professional Will Guide You Through Every Step of the Process
Homebuying and selling are intricate processes that require expertise to be accomplished correctly. You're not the only one who feels intimidated by it; numerous people have similar feelings of apprehension. According to a recent Harris Poll survey, one in five respondents sees a lack of information or knowledge about the home-buying process as a barrier to owning a home. Don’t let uncertainty hold you back from your goals this year. A trusted expert can bridge that gap and give you the best advice and information about today’s market.