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 greatly impacted the housing market and likely on your wallet.
That’s why it’s critical to have a clear picture of the market today and what you want from it when buying or selling a home. 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 consider 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, many compelling reasons exist to buy a home today.
Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time.
Use your why and motivation as a guidepost in partnership with an expert advisor to ensure 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, which could mean more options when you buy.
But the overall housing supply is still lower than in more normal years in the market, so you’ll have to work closely with a pro to find what you’re looking for.
Just be sure to keep your budget in mind as you balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it will be to find a home that’s right for you.
3. Determine if You’re Ready To Buy
Clear your budget and available savings before you get too far into the process. Partnering with a local agent and a lender early is the best way to ensure you’re in a good position to buy.
This could include planning how much to save for a down payment, getting a pre-approved home loan, and assessing your current home equity if you sell 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, that’s normal. Don’t let uncertainty hold you back from your goals this year. A trusted real estate expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.
Bottom Line
Let’s connect with top-rated home-buying agents in Chicago, Illinois, at KM Realty Group LLC to plan how to make your homeownership dreams a reality in 2024.
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