During the past couple of years, we have all spent a lot more time in our homes and if you are dreaming of a new home in 2023, you are not alone. A recent survey revealed that 27 percent of current homeowners are dreaming of a new space as a near-term goal.
Living and working through a worldwide pandemic has given us all a new perspective on our “dream” homes and lifestyles. Sonoma County is an ideal place to create your dream—and the perfect place to call home. (My website is filled with information about the Sonoma County lifestyle. Check it out here!)
But for some would-be buyers, changes in the real estate market have caused a pause in the pursuit of the dream. Although there are a multitude of factors to consider during the home-buying process, the most important consideration is that it must be the right time for YOU. Let’s look at some of the things to keep in mind.
What about those interest rates?
Compared to the pandemic-induced all-time low interest rates which are now behind us, current rates may seem high. It bears repeating that historically speaking, interest rates remain relatively low. With less competition for homes and a moderation in prices, 2023 may be a perfect time for buyers to make their move.
How much should I spend on my dream home?
Be sure to consider the difference between how much you quality for and how much you can actually afford. What do I mean? Well, a dream home can quickly lose its luster if the hefty payment causes you to end up “house poor” — that is, having a mortgage payment so high that you can’t plant spring flowers or take the kids to Disneyland. Talk to a lender or financial advisor and do your homework. Entering a home purchase with a clear understanding of your financial picture makes it easier to move forward with confidence!
What should I target in a dream home?
A dream home is highly personal but the old mantra location, location, location remains true. A location in a desired neighborhood, a large (or small) lot size, proximity to a particular school or workplace are things that can’t be changed.
It’s always solid advice to purchase a home is in a good school district because a good school will positively affect the eventual resale price. And don’t forget to consider nearby amenities such as restaurants, shopping or parks which add to your Sonoma County lifestyle.
It can take effort to make your new home a dream home. If its needs major repairs or updates, be sure to calculate the costs involved to ensure it is in your budget. Don’t worry about Grandma’s tacky wallpaper in the dining room, but move forward carefully with potentially big-ticket item such as foundation issues or leaky roofs.
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! 707-636-4215