If buying or selling a home is on your list of goals for 2023, you must first understand today's housing market, identify your objectives, and partner with industry experts to bring your homeownership vision for the new year into focus.

High inflation has had a significant influence on the economy, the housing market, and, most likely, your wallet in the last year. That's why it's vital to understand not only the current market but also what you want out of it when you buy or sell a house. Realtor.com's Chief Economist, Danielle Hale, 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? Regardless of market conditions, there are still numerous compelling reasons to purchase a home today. Your needs may have changed in a way that your existing home cannot accommodate, or you may be ready to take the plunge into homeownership for the first time and have a space that is completely yours. Use what motivates you as a guidepost in collaboration with a professional advisor to ensure your move will provide you with a lasting sense of accomplishment.

2. What Does Your Next Home Look Like?

You know you want to relocate, but how would you define your perfect home? The available supply of homes for sale has increased, which could imply more options when it's time to purchase. Just remember to stay within your budget and work with an experienced real estate professional to balance your needs with your wants. The better you understand what is important and where you can be flexible, the easier it will be to find the ideal home for you.

3. How Ready Are You To Buy?

Before you get too far into the process, you must first establish your budget and savings goals. Working with a local agent and a lender early on is the best approach to ensuring you're ready to buy. This could include deciding how much to save for a down payment, getting pre-approved for a mortgage, and calculating your current home equity if you want to sell your present home.

A Professional Will Guide You Through Every Step of the Process

Buying or selling a house is a complex process that requires experienced advice. If it sounds a little overwhelming, you're not alone. A recent Harris Poll poll found that one in every five respondents sees a lack of information or understanding about the home-buying process as a barrier to owning a house. Don't let uncertainty keep you from achieving your goals this year. A qualified expert can bridge that gap and provide you with the best guidance and market information available today.

Bottom Line

Let’s connect to plan how your dreams for 2023 can become a reality.