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 has 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 what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, explains:

Here are a few things to think through 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, there are still many compelling reasons 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 your motivation as a guidepost in partnership with an expert advisor to make sure 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, and that could mean more options to choose from when you buy. But 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

Getting clear on your budget and available savings is essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure you’re in a good position to buy. 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 you’re selling 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 expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.

Bottom Line

Work with a local real estate agent and build a team of industry professionals to be sure you hit your homeownership goals in 2024.

For Sellers:

Let us help you navigate the changing market with confidence, and into your new home with ease. You should start by knowing your home's worth, then the rest will fall into place. 2024 is shaping up to look like a dynamic market, so preparation and flexibility are key for a smooth, profitable sale.

For Buyers:

Be clear on your needs and wants, establish a realistic budget, and keep an active pre-approve for a mortgage. Remember, flexibility and strategic thinking will help you find your dream home, even in a dynamic market like 2024.

Contact us today to discuss your specific situation and develop a personalized strategy to achieve your real estate goals.

Market Report January 2024

Here's the latest December 2023 Market Update showing year-over-year data. The data includes all Single-family homes and condos & Townhomes in the California Area sourced from MLS Listings for the period from November 2022 thru November 2023. This may include preliminary data and may vary from the time this data was gathered. All data is deemed reliable but not guaranteed. Content from this article is courtesy of Keeping Current Matters.