Reaching Your Ownership Goals in 2024

With interest rates now in the 6% range, is buying and/or selling a home back on your to-do list?

Over the last year, the economy had a big impact on the housing market and likely on your wallet, too. That’s why it’s 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.

As Danielle Hale, Chief Economist at Realtor.com, explains: “The key to making a good decision…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

You’ve decided to make a move for a reason – what is it? No matter what’s happening in the market, there are still many compelling reasons for people to buy and sell property. 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. When you sit down with us to discuss your plans, keep your “why” in mind as you outline what you’re looking for in your next home. This will help us suggest properties and options that fit what you want to accomplish.

2. Figure Out What Your Next Home Needs

You know you want to move, but how would you describe your next home? The number of homes for sale has grown recently, and that could mean more options to choose from when you buy. But, overall supply is still lower than during more normal years. 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

Getting clear on your budget and available savings is essential before you get too far into the process. If you don’t have a relationship with a reputable lender, we can suggest some we have worked with over the years. They can help you plan on how much to save for a down payment — 20% down is pretty much a myth — getting pre-approved for a home loan, and assessing your current home equity if you’re selling your existing house.

The process can feel a bit overwhelming. We know. We sold our home of 28 years in 2022 and downsized to something smaller that better fits our lifestyle and needs today. Even though we’re both realtors, we still experienced all the angst that anyone else would.

So, let’s talk about what’s next for you. We’re here to listen and to give you an honest assessment of the housing market and how you can succeed in making the change that maybe you’ve been delaying. Let’s connect at 508-360-5664 or [email protected].

Make 2024 your year.

Mari and Hank