As we welcome 2025, many people are making New Year’s resolutions to improve their lives—and for some, this means taking steps toward home ownership or investing in real estate. Whether you’re dreaming of buying your first home, purchasing an investment property, or upgrading your current home, now is the perfect time to set clear, achievable goals to make it happen. Here’s how to get started:

Set Specific Goals for Home Ownership
Resolutions work best when they’re specific and actionable. Instead of saying, “I want to buy a home this year,” break it down into clear steps:
• Meet with a lender to get pre-approved for a mortgage.
• Create a budget to identify how much you can afford.
• Start saving for a down payment by setting up automatic transfers to a savings account.

A clear roadmap will help you move forward with confidence.

Improve Your Financial Health
If home ownership is your goal, taking steps to improve your financial health is essential. Start by:
• Checking your credit score and addressing any inaccuracies.
• Paying down existing debts to improve your debt-to-income ratio.
• Cutting unnecessary expenses and reallocating those funds to your savings.
• Setting small, consistent savings goals to build your down payment.

Even small changes can make a big difference over time, bringing you closer to home ownership.

Consider Real Estate as an Investment
If you’re ready to take the leap into real estate investing by purchasing a rental property, education is key. Start by:
• Researching local rental markets to understand potential income and demand.
• Meeting with an experienced, investor-savvy REALTOR® and a lender to learn about financing options and how to evaluate an         
   income property.
• Setting a clear financial goal—such as purchasing a home with an additional dwelling unit (ADU) or buying a multi-family property to
   generate rental income.

Investing in real estate can provide long-term financial stability and wealth-building opportunities when done thoughtfully.

Prepare Your Current Home for a Move
For homeowners thinking about upsizing, downsizing, or relocating, now is the time to plan. Begin by:
• Identifying projects around the home that need attention, and setting a timeline for completion.
• Researching current market trends to determine the best pricing and marketing strategies.
• Decluttering and staging your home to make it appealing to buyers when the market heats up.

Sellers who prepare early can capitalize on the spring market when buyers start their search.

Explore Creative Solutions to Affordability
If affordability is a concern, consider creative approaches to home ownership:
• Rent out a room to a friend or coworker to offset mortgage costs.
• Look for homes with ADUs or additional space that can generate rental income.
• Partner with a trusted family member or friend to co-purchase a property.

With a little creativity, achieving home ownership can be within reach. Whatever your real estate goals may be, breaking them into smaller, actionable steps is the key to success. By tackling your resolutions step-by-step, you can build momentum and see real progress throughout the year.

I’ve included the latest real estate stats for the first 11 months of 2024.  In addition to the 619 homes sold, there are currently another 78 home sales pending as of the date of this writing. The sales data includes single family home sales both inside and outside of Bozeman city limits as reported by the local Big Sky Country MLS. It does not include condos, townhouses, or private party sales. Stay tuned for next month’s article, where I’ll share the 2024 year-end real estate numbers for the Bozeman market.

Final Thoughts
Whether you’re planning to buy your first home, invest in income property, or sell your current home, setting realistic and actionable resolutions will help you reach your goals. The path to home ownership or real estate success starts with a plan—and 2025 is your year to make it happen.

Here’s to a year of progress, opportunity, and real estate success! Wishing you a happy and prosperous New Year!