If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry experts to bring your homeownership vision for the new year into focus.
Over the last year, the economy had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home.
“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 through as you define your goals for 2024.
1. Know Your Why
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 your current house can not address, or you could be ready to step into homeownership for the first time. Use your why and your motivation as a guidepost in partnership with an advisor to make sure your move gives you a lasting sense of accomplishment.
2. Figure Out What Your Next Home Needs To Look Like
You know you want to move, but how would you describe your dream home? The number of homes for sale has grown recently, and that could mean more options to choose from when you buy. However, overall housing supply remains lower than more normal years in the market. Keep your budget in mind as you balance your wants and needs when searching with your advisor. The better you understand what’s essential and where you can be flexible, the easier it will be to find a fitting home.
3. Determine if You’re Ready To Buy
Getting clear on your budget and available savings is essential before getting too far into the process. Financing and lending advice is the best way to make sure you’re in a good 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 you’re selling your existing house.
An advisor will help to understand today’s housing market. Discovering and clarifying the guiding principles bring vision into focus and plans into fruition.