What Are Your Goals in the Housing Market This Year?

Your Real Estate Resource

If buying or selling a home is part of your dreams for 2023, its essential for you to understand todays 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 inflationhad a big impact on the economy, the housing market, and likely on your wallet too. Thats why its 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 atrealtor.com,explains:

The key to making a good decision in this challenging housing market is tobe 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. Whats Motivating You?

Youre dreaming about making a move for a reason what is it? No matter whats happening in the market, there are still manycompelling reasonsto buy a home today. Your needs may have changed in a way your current house cant address, or you could be ready to step into homeownership for the first time and have a space thats truly your own. Use whats 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 ofhomes for salehas grown, and that 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 yourwants and needs. The better you understand whats essential and where you can be flexible, the easier it can be to find the home thats right for you.

3. How Ready Are You To Buy?

Getting clear on your budget andsavingsis essential before you get too far into the process. Working with a local agent and a lender early is the best way to make sure youre in a good position to buy. This could include planning how much to save for a down payment, gettingpre-approvedfor a home loan, and assessing your currenthome equityif 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 arent alone. According to a recentHarris Pollsurvey, one in five respondents see a lack of information or knowledge about the homebuying process as a barrier from owning a home. Dont 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 todays market.