What Are Your 2023 Goals For the Housing Market?
Last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too. That’s why it’s critical to have a clear understanding of 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:Last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too. That’s why it’s critical to have a clear understanding of 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:
“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 questions you can start thinking through as you fine tune your goals for 2023.
1. What’s Motivating You?
You’re dreaming about making a move for a reason – what is it? Your housing needs may have changed in a way your current home can’t address, or maybe you are considering stepping into homeownership for the first time and have a space that’s truly your own. Use what’s motivating you as a guide to help make sure your move will give you a lasting sense of accomplishment.
2. What Does Your Next Home Look Like?
The available supply of homes for sale has grown the last few months, and that could mean more options to choose from when you buy. Just be sure to keep your budget in mind. The better you understand what’s essential and where you can be flexible, the easier it can be to find the home that’s right 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. 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.
Bottom Line
Buying or selling a home is a big process that takes knowledge and expertise to navigate. If that feels a bit overwhelming, you aren’t alone. According to a recent Harris Poll survey, one in five respondents see a lack of information or knowledge about the homebuying process as a barrier from owning a home. Don’t let uncertainty hold you back from your goals this year. A trusted real estate expert can bridge that gap and give you the best advice and information about today’s market. Let’s connect to plan how your dreams for 2023 can become a reality.