With 2023 in the rearview mirror and 2024 well underway, goal setting is still a priority, and homeownership shouldn’t be an exception when you’re looking to grow and improve. Whether you’re still on track with your New Year’s goals or you’ve let go of some of those 2024 resolutions, it’s never too late to consider including some of these necessary steps that will help prepare you to become a homeowner.

Climbing interest rates—coupled with high home prices—created obstacles for many potential buyers in 2023, but with interest rates projected to continue to drop this new year and home prices seeing a gradual decline, competition for mid-priced, affordable homes will be your biggest obstacle. 

Many potential buyers hold back, worried that “now” isn’t a great time to buy. “The perfect time to buy a home doesn’t exist,” explained Tammy Houchen, 2024 President of the Washington County Board of Realtors. “The best time to buy a home will vary for every buyer. But historically speaking, it’s always a good time to own a home.” 

Southern Utah has a thriving real estate market, and the most prepared buyers have the best chance at beating the competition, so now is the time to get ready!

First, you’ll need to verify your eligibility. Pay attention to your credit score and make necessary changes that will improve that score. Along with your credit score, see if there are ways to lower your debt-to-income ratio. These are both important factors that play into your eligibility for financing a home purchase. 

Gone are the days of the typical 20 percent down payment. With numerous down payment assistance programs available, homeownership is within reach now more than ever. Work with a trusted REALTOR® to explore your options and decide which type of down payment will work best for you. 

While working through the options for down payments, it’s also crucial to discuss your budget. A REALTOR® will be able to help you calculate monthly costs to determine your home purchase price range. Having this set monthly budget, along with your down payment and closing costs, will save time during your home search and position you to move quickly when the right homes come on the market.

Buying a home in Southern Utah doesn’t need to be a complicated or intimidating process, and a trusted, local REALTOR® provides professional guidance and protection that is crucial for a successful home-buying experience. Take time to study the REALTORS® in your area, gather recommendations from trusted friends and family, and find a professional to answer your questions and represent your best interests as you work towards the goal of homeownership.