If buying or selling a home is your goal for 2024, its important to understand todays 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. Thats why its 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. Danielle Hale, Chief Economist atRealtor.com,explains:
The key to making a good decision in this challenging housing market is tobe 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
Youre dreaming about making a move for a reason what is it? No matter whats happening in the market, there are still manycompelling reasonsto buy a home today. Your needs may have changed in a way your current house cant 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 expert 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 ofhomes for salehas grown recently, and that could mean more options to choose from when you buy. But overall housing supply is still lower than more normal years in the market, so youll have to work closely with a pro to find what youre looking for. Just be sure to keep your budget in mind as you balance yourwants and needs. The better you understand whats essential and where you can be flexible, the easier it will be to find a home thats right for you.
3. Determine if Youre Ready To Buy
Getting clear on your budget and availablesavingsis essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure youre in a good position to buy. This could include planning how much to save for a down payment, gettingpre-approvedfor a home loan, and assessing your currenthome equityif youre selling your existing house.
A Professional Will Guide You Through Every Step of the Process
Buying or selling a home takes expertise to navigate. If that feels a bit overwhelming, thats normal. Dont let uncertainty hold you back from your goals this year. A trusted expert will help you bridge that gap and give you the facts and advice you need about todays housing market.
Bottom Line
Work with a local real estate agent and build a team of industry professionals to be sure you hit your homeownership goals in 2024.
