The start of a new year always compels people to take a fresh look at their goals, from health and career to relationships and finance. But with historically low mortgage rates, increased home sales and price growth, and a tight housing inventory, the time is right to also make some homeownership resolutions for 2021.
Read on to discover key action steps to take to achieve your home ownership goals this year, whether you’re a home buyer, home seller, or a homeowner not yet planning on moving..
Resolution #1: Qualify for a better mortgage with a higher credit score.
Resolution #2: Improve your credit health by paying down debt.
Debt hurts your buying power (the amount of home you can afford) and your credit score. The less debt you have, the higher your FICO score and the better mortgage you can obtain. Try to reduce (or eliminate) the balances on each account.
Resolution #3: Save up to create a financial safety net.
There is no one month or season that is the perfect time to sell your home. Instead, the right timeline for you takes into account factors such as when you’ll earn the highest profit (listing prices historically peak by May), personal convenience, and whether your home is even ready to put on the market.
Resolution #5: Boost your home’s resale value by making your property shine.
Resolution #7: Evaluate your household budget to reflect financial changes.
A work-from-home arrangement could mean less money spent on commuting and dining out, but it could also mean increased expenses, such as faster Wi-Fi and higher energy bills. Update your income and expenses and review last year’s spending habits.
Resolution #8: Save money now (and earn more later) with home maintenance.
With a regular home maintenance plan, you’ll avoid some surprise “emergency fixes,” can lower your energy costs, and when you’re ready to eventually sell your home, you’ll get higher offers from buyers who aren’t put off by overdue repairs.
Resolution #9: Invest in real estate for a better standard of living.
Even if you don’t plan on leaving your current residence, real estate is a great way to improve your quality of life in 2021. A vacation home in a getaway location you love lets you safely spread your wings. And if you have been looking for a second stream of income, an investment property might be your answer.
LET US HELP YOU WITH YOUR 2021 GOALS
Whether you’re looking to buy, sell, or stay put in your home, it helps to connect with a trusted real estate agent. As local market experts, we have the knowledge, experience, and networks to help you achieve your homeownership goals, whatever they may be. Reach out to us today for a free consultation and commit to a happy and prosperous new year.
Search the latest homes for sale in San Diego County
Based on information from CRISNet MLS and/or CARETS as of December 3, 2022, 10:02 pm. The information being provided by CRISNet MLS and/or CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.