Getting the Right Place at the Right Time
It’s clear that buying a house is scary for a lot of people. It’s a big step in anyone’s life. For a lot of young people, it will feel like a passage into real adulthood, and they might not feel as if they’re ready for that anyway.
For people who have been struggling for a while with their finances, buying a home will feel like ‘making it’ at last, which is exciting. However, it’s also very frightening. People might be worried about the risks associated with investing in a new property, and a home is always an investment in one way or another. This is one of the reasons why it makes so much sense to pay attention to the broader home buying market and the associated trends.
The real estate market
The real estate market does fluctuate quite a bit. It’s useful for people to try to get a sense of when they should purchase a house, especially if they have been trying to save up for a house for a long time. This will certainly be the case for many home buyers in 2023, and they should know that buying a home in 2023 really does make a lot of sense. There are many objective reasons why buying a home in 2023 is a good idea, and people should look at all of their available options as soon as possible.
Mortgage interest rates
For one thing, when people are deciding when it’s a good time to buy a home, they should always look at the average mortgage interest rates. Although you see quite a bit about our “high mortgage interest rates”, truth is, we still have relatively low interest rates for buying a home. Keep in mind, with home prices falling, even with a somewhat higher interest rate on your home, you can refinance that property in a couple years and enjoy the low purchase price.
Scarcity of homes
People also need to take into account the availability of good homes. We are in a strange position, were we are still seeing a high demand for properties with the prices going down. Although not as many people are looking to buy, we still see homes flying off the market within a week or so of being listed. Yes, the DOM (days on market) has increased over the last year or so, but still historically low.
Selling a home
Anyone who has a home for sale in this market will have a tougher time, which is another reason why this is a good time for people to try to get a home personally. The balance will shift again and the buyers will no longer be favored. As more and more buyers realize that time is temporarily on their side, home buying trends will shift again, and it will be a seller’s market once more.
Timing really is everything in the world of business. For the people buying a home in 2023, the time to act really is right this minute.
Choosing the right Realtor
With things in the real estate world a little out of whack at the moment, its critical that you choose the right Realtor to represent you through these confusing times. There are literally millions of Realtors to choose from, how do you pick the right one?
Realtors flourish off of training and doing transactions. Look for an agent that does more than the average number of transactions as they will have their finger on the pulse of the local market. Look at the top franchises over a local mom and pop brokerage as they generally offer superior training for their agents.
Don’t wait!
If you have the ability to purchase a home, don’t let the current headlines scare you. Owning a home is a long term investment and consistently out performs the stock market. Even with a higher rate on your mortgage, you enjoy the lower home price. You can always refinance if the rates drop over the next few years.
