Are you one of the many people that are thinking of making a real estate move in 2025? You are not alone! So many of us have been waiting around on interest rates, election results, and now the Holiday Season before making a big move. Come to mention it, my wife and I are actually in discussion about selling and buying next year!!! Since I’m in the same boat as you are, here are some pro tips on how you can GET ORGANIZED for your move in 2025.
- Get a ball park idea of what your home is currently worth. If you’re going to be selling and buying, you need to know how much equity to expect from your sale. That number may be used as a down payment for your next purchase so knowing that amount is essential to discovering what price point you can afford to purchase. There is nothing wrong with calling your realtor now and asking them to go ahead and run a CMA on your property so that you have an idea of what to expect. Of course, you’ll need an updated CMA when the time comes to sell but the numbers today will get you close.
- Talk to your lender. I always advise starting with the numbers and working backwards. I wouldn’t necessarily get pre approved today, but, I would recommend letting your lender know your plan, timeline, and how much money you have to put down. They will be able to run some soft numbers to let you know what monthly payments to expect based on different price points. Obviously your payment has a lot to do with interest rates but this will give you an idea of what price point you may be shopping in.
- Ask your realtor to set you up on a soft search. Why not go ahead and keep your eye on the market? While I don’t show buyers homes without being pre approved, I have no problem setting up a search based on your current needs that will allow you to see homes hitting the market in the price point and location you’re wanting. Gaining market knowledge now will make you more confident when the time comes to get approved and start shopping.
If you’re thinking of selling/buying next year, it’s not too early to GET ORGANIZED. A good realtor and lender will meet you where you’re at, NOT push you to make a move sooner than you’re comfortable with. If you’re thinking of making a big move in 2025 let’s think ahead!
