During the past few years, we have all spent a lot of time in our homes and if
you have daydreamed about a new home, you’re not alone! A Northwestern
Mutual survey cited 27 percent of homeowners surveyed were hoping to “buy
their dream home” as a near-term life goal.
But it’s understandable if recent market changes have caused you to consider
hitting the pause button on your dream. There are many factors to consider
when buying a home, but most importantly, it must be the right time for YOU.
But what about interest rates?
Today’s interest rates may seem high to hopeful buyers when compared with
the pandemic-induced all-time low interest rates. However, historically
speaking, interest rates remain relatively low. Combined with less competition
to buy a home and a moderation in home prices, it may be a great time for
buyers to make a move.
How much dream home can I afford?
There can be a big difference between how much you quality for and how much you can truly afford. What do I mean? A dream home can quickly lose its appeal if you end up “house poor” — that is, having a mortgage payment so
high that you can’t buy window coverings or enjoy an occasional vacation. Talk to a lender and do your homework to get a clear picture of how to best buy your dream home and still be on target with other financial and life goals.
What should I look for in a dream home?
A dream home is a highly personal thing. A real estate agent can help you with
your list of “must haves” with a focus on desired neighborhoods because, of
course, the mantra of location, location, location remains the most important
“must have” for most real estate transactions.
It’s also solid advice to purchase a home is in a good school district even if you
don’t have kids because this will affect the eventual resale price. Check out the
nearby amenities such as parks, retail offerings and a manageable commute.
If your dream home needs repairs or updates, calculate the costs involved to
make sure it's doable. Tacky wallpaper is a minor issue, but big-ticket item such as foundation issues or leaky roofs need careful consideration.
Let’s Talk Today
Working with an experienced real estate agent is essential in a transitioning
market. Call me today and let’s strategize for making 2023 your “dream” year!
916-778-8659
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