If buying or selling a home is part of your dreams for 2023, itโs essential for you to understand todayโs housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus.
In the last year, high inflationย greatly impacted the economy, the housing market, and your wallet. Thatโs why itโs critical to clearly understand not just the market today but also what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at realtor.com, explains:
โThe 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.โ
Here are a few questions you can start thinking through as you fine tune your goals for 2023.
1. Whatโs Motivating You?
Youโre dreaming about making a move for a reason โ what is it? No matter whatโs happening in the market, there are many compelling reasons to buy a home today. Your needs may have changed in a way your current house canโt address, or you could be ready to step into homeownership for the first time and have a space thatโs your own. Use whatโs 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 Does 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, which 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 whatโs 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 ensure youโre 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 your move involves selling your existing house.
A Professional Will Guide You Through Every Step of the Process
Buying or selling a home is a big process that takes expertise to navigate. If that feels a bit overwhelming, you arenโt alone. 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. Donโt 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 todayโs market.
Bottom Line
If your 2023 plans entail buying or selling in MA or RI, let’s connect to plan how your dreams for 2023 can become a reality. Helping my clients is why I am here!