One week into 2024 and already some people are looking at their New Year’s Resolutions and thinking: How will I possibly accomplish this? Whether it is starting a consistent gym routine so that you can do a pull up, run a 5K, or stay healthy, many people struggle with sticking to New Year’s resolutions. It is especially tough when New Year’s resolutions are connected to a long-term outcome. For example, budgeting every month from January – September so that in September you will have enough saved to purchase a home and put down a 20 percent down payment. You don’t get to celebrate in the new house for a long time, so how do you stay motivated?
Here are 3 tips for sticking to your New Year’s Resolutions:
1. Visualize your final outcome. As you budget each month for your new home, visualize how rewarding it will be to host friends and family in a house instead of an apartment. Visualize yourself in your new Palm Springs retirement community instead of your two-story home.
2. Give yourself mini goals. If you are saving for a down payment or trying to purchase your first investment property, give yourself mini goals by the month that eventually total your final goal. Each month check in with yourself and celebrate staying on track.
3. Expect to get off track. Anyone who has been a homeowner knows that unexpected expenses can come up. Even if you have to save for an extra month or adjust your budget, think big picture and allow yourself to get off track for one day, but then get back to your plan.
On a separate note, headlines are announcing that US mortgage rates have dropped for the ninth consecutive week which is helpful for “home buyers who have been facing the least affordable housing market since the 1980s”. The low inventory has constrained the housing market so that even with high mortgage rates, sales prices haven’t decreased.
What if mortgage rates continue to decrease in 2024? What can we expect to see?
1. More home buyers will get pre-approved with lenders
2. Each listing will start to get multiple offers
3. Home buyers will start to compete based on price and terms with less negotiating power
4. Days on market will decrease as more buyers submit offers in the first week of a listing being on the market
Need help sorting out your 2024 real estate goals? Thinking of making a move this year? Reach out to a KALEO agent!
