Is 2023 the Year of Dreams?

Kyle Wells
Jan 6, 2023
2 min read

During the past few years, we have all spent a lot of time in our homes and if

you have daydreamed about a new home, you’re not alone! A Northwestern

Mutual survey cited 27 percent of homeowners surveyed were hoping to “buy

their dream home” as a near-term life goal.

But it’s understandable if recent market changes have caused you to consider

hitting the pause button on your dream. There are many factors to consider

when buying a home, but most importantly, it must be the right time for YOU.

But what about interest rates?

Today’s interest rates may seem high to hopeful buyers when compared with

the pandemic-induced all-time low interest rates. However, historically

speaking, interest rates remain relatively low. Combined with less competition

to buy a home and a moderation in home prices, it may be a great time for

buyers to make a move.

How much dream home can I afford?

There can be a big difference between how much you quality for and how much you can truly afford. What do I mean? A dream home can quickly lose its appeal if you end up “house poor” — that is, having a mortgage payment so

high that you can’t buy window coverings or enjoy an occasional vacation. Talk to a lender and do your homework to get a clear picture of how to best buy your dream home and still be on target with other financial and life goals.

What should I look for in a dream home?

A dream home is a highly personal thing. A real estate agent can help you with

your list of “must haves” with a focus on desired neighborhoods because, of

course, the mantra of location, location, location remains the most important

“must have” for most real estate transactions.