January 17, 2024
Three Keys To Hitting Your Homeownership Goals in 2024
Looking to buy or sell your home this year? Let’s break down the market before making that decision. Today we will walk you through three important steps to prepare you for your next home journey.
Let’s face it, the 2023 housing market was unique, and not in the best way. The economy had a large impact on everyone, and the real estate market was not excluded. It’s important to understand what the future holds for the market when making any decisions to buy or sell, and be able to plan and strategize accordingly. 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 through as you define your goals for 2024.
1. Know Your Why
So you’re wanting to make a move–but why? No matter what is happening in the market, everyone has their own personal reason for making a move. Life changes. There’s no denying that. Growing families, job relocation, divorce, death, income change, or whatever the case may be, there’s always a reason. Use your why to determine your motives and goals and bring these to the table when you’re meeting with real estate professionals to represent you, you want to make sure they are able to understand these aspects and adjust their strategies accordingly.
2. Figure Out What Your Next Home Needs To Look Like
The next step, have an idea of what you want. Now that sounds simple doesn’t it? Buyer’s believe that they’ll just know when they see it, which does happen, but starting your home search with an idea of what you’re looking for can help save time and stress. Making a list of your essentials versus wants, and also your negotiables, can help you determine what you’re really looking for in a home, especially when inventory is low, which has been the case over the past year. Inventory is expected to increase in 2024, however it is still predicted to be lower than normal. Keep your budget in mind when you balance your wants and needs, and make sure to share your criteria with your real estate agent so they can be searching the market for you every day to find you your dream home.
3. Determine if You’re Ready To Buy
Pinch yourself, are you dreaming? Before you get your hopes up and develop all these wonderful and creative ideas for your new home, make sure you’re ready for it. Partner with a local agent and partner to discuss your budget and opportunity before you strategize your move. This will allow you to determine how much you need to save for a down payment, get pre-approved for a home loan, and also assess your currency home equity if you’re in the position of selling your current home. Overall, you don’t want to get in over your head.
Jim Slater Will Guide You Through Every Step of the Process
Buying or selling a home takes expertise to navigate. If that feels a bit overwhelming, that’s normal. Don’t let uncertainty hold you back from your goals this year. Jim Slater can, and will, help you bridge that gap and give you the facts and advice you need about today’s housing market. Connect with Jim to plan how to make your homeownership dreams a reality in 2024.