Mike O'Keefe's Blog
Getting into physical shape takes effort and consistency. You will need to outline the steps it will take to get to your goals. A healthier financial life takes the same thing. When it is your goal to take steps towards having a healthier relationship with your money, it is good to get something written down. If you do not know where to start, do not worry. Start by considering what you would like to achieve in the next 90 days. This time-frame will give you enough time to take a few small steps toward progress and then evaluate what to continue to work on and what to adjust.
Personal finance experts recommend tracking your spending for 30 days so you can see where your money is going. If you have one income source and one bank account that all your expenses go through, go back through the last couple of months and use that information to track your spending. You may not completely realize how frequently you are spending money on convenience items or extra trips to the grocery store just for one item but coming home with ten. Maybe you have subscriptions or memberships you are no longer using. When you track all the places your money goes over a period, you can then decide where adjustments will help you achieve your goals. In today's world of online transactions, it is easy to spend money with little thought or intention. You may have almost all your bills on auto pay or your bank’s bill pay option making that part of your financial life easier to manage. You may also be unaware of where you could save money because so many bills are on automatic.
Take the time to outline a few goals. An emergency fund is a good idea. Most of the population is only one to two pay cycles away from disaster. Having even a small amount in savings can help you keep your financial life predictable. Life will throw you curve balls and when you can meet those without throwing your goals off track, you will feel empowered and encouraged. Do not let that thought overwhelm so it keeps you from starting where you are with what you have. The realization is that you are ensuring that you will end up with financial health down the road.
Write what you think your monthly total expenses are and then go total up the last 30 days of spending. Were you close?
5 Woodman Way, Newburyport, MA 01950
If you want to purchase your dream house at a great price, you should monitor the real estate sector closely. That way, you can identify housing market patterns and trends and map out your homebuying journey accordingly.
Now, let's take a look at three tips to help you track the housing market so you can speed up your home search.
1. Analyze the Prices of Recently Sold Houses
Take a look at the prices of recently sold houses in your preferred cities and towns. Then, you can use this housing market data to understand the average price range for houses in areas where you want to live.
As you review the prices of recently sold houses, you may want to narrow your homebuying criteria as well. With homebuying criteria in hand, you'll be better equipped than other buyers to seamlessly navigate the property buying journey.
2. Find Out How Quickly Houses Are Selling
Differentiating a buyer's market from a seller's market is key, particularly for a buyer who wants to achieve the best-possible results. If you find out how quickly residences are selling in your preferred cities and towns, you can distinguish a buyer's market from a seller's one.
In a buyer's market, there is an abundance of sellers and a shortage of buyers. This means buyers will find lots of outstanding houses at their disposal.
Comparatively, in a seller's market, there is an abundance of buyers and a shortage of sellers. If you're a buyer operating in a seller's market, you likely will need to bid competitively to acquire your ideal residence.
Once you determine whether you're preparing to enter a buyer's or seller's market, it generally is a good idea to plan ahead for the property buying journey as much as possible. If you know exactly what you want to find in your dream house and where you want to live, you can quickly and effortlessly discover your ideal residence in any housing market, at any time.
3. Assess Houses That Fall Within Your Price Range
Many houses are available in cities and towns nationwide, but it is important to determine exactly how much you can spend on a residence prior to entering the real estate market. If you establish a homebuying budget, you can review the prices of houses that fall within your price range. Perhaps most important, you can avoid the risk of spending too much to acquire your ideal house.
As you kick off a home search, you may want to collaborate with a real estate agent too. A real estate agent is happy to help you pursue houses in your preferred cities and towns and find one that matches your expectations. Plus, a real estate agent will help you submit an offer to purchase your dream home that hits the mark with a seller.
Ready to conduct a home search? Use the aforementioned tips, and you can perform an extensive analysis of the real estate market and boost the likelihood of a successful property buying experience.
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