As each year comes to a close we find ourselves reviewing how we have moved forward in our goals. From losing weight to changing jobs, it’s a natural time to get honest about whether your plans have gotten you and your family where you truly want to go. After two years of seemingly treading water due to a pandemic and other uncertainty, now is the time to get your dreams back on track.
What does 2023 hold for you and your dreams? While no one can predict the future, we can all make a plan on how to deal with opportunities that present themselves, whether an unexpected blessing or unplanned challenge, put yourself in the position to make informed decisions rather than simply react.
Here are some ways to make a plan for your financial opportunities in the new year.
Plan for a First-Time Home Purchase
Buying a home is hard work, and it takes more than a few months to get on track. By meeting with a mortgage professional now, you can see how lenders view you and your financial state in order to make whatever changes you need to. You might qualify for more home than you thought, or you might need just a little more time to get settled in a new job. By looking at the mortgage application process, you’ll gain vital knowledge for taking those next steps to owning your own home.
Position Yourself to Take Advantage of Lower Prices
The past five years has been quite competitive in the Northwest real estate market. While we have a current slow-down in the pace of sales and price gains, it won’t last long. Getting pre-qualified will put you in the position to be opportunistic if your next dream home comes on the market in this more favorable market.
Consider Your Next Steps for Down-Sizing
Over the next ten years, more and more boomers will be looking to downsize or leverage the equity in their homes toward a more appropriate home to age in place. Whether you plan to buy cash, a new mortgage, or will look into the opportunities of a reverse mortgage for purchase (yes, that’s a thing!), connect to a mortgage professional and a network of service providers who specialize in down-sizing to get you on the right track. I can help!
Access Your Home Equity for a Remodel Project
You may not be looking to move, but home equity is at an all time high in the US and many people are feeling the squeeze in their homes. From outdated appliances to restrictive floor-plans, many families have been dreaming of a makeover and not sure how to proceed. A Home Equity Line of Credit (or HELOC) is a way to access your home equity for a project now. The good news construction costs are coming back down as the cost of lumber has corrected and contractors aren’t as busy as the last two years. January is a great time to get on their schedule and plan for your remodel.
Get Out of Debt
If all of these ideas have you scratching your head wondering when it will be your turn, then maybe you need to get connected to a financial planner, or even a cashflow coach who can help you beat the debt down and raise your credit score. Within a few months you may be able to change your financial status and get on the road to your goals and dreams.
Making big financial moves can be hard, so don’t make your plan alone. Reach out to start January right with a resolution to make your financial goals into a reality in 2023.