How do you buy a home right now? You may have analysis paralysis and be on the fence about buying a home. You may be scared of mortgage rates? Your family may have said “wait the market will crash”. I wanted to lay out exactly what it takes to be a successful buyer in 2023.
I think there are 3 critical things to know about buying a home right now.
- Inventory is still very low. This drives up demand in some areas and creates competition which in turn drives up the sales price of good homes.
- Your credit score has never been more important. With swinging interest rates you want to be able to qualify for the absolute best interest rate and you need a solid credit score to do that. Combine a high credit score with low debt and you have a winning combination.
- You have a better chance of negotiating with the seller and getting some concessions like a home inspection or an appraisal especially if you have a clean offer with solid financing.
It’s not all about inventory, credit scores and concessions there is also the matter of who you work with. The truth is there’s a lot that goes into selling a house you may not have considered and an expert who is working daily in the market will be better able to help you navigate the process of buying a home.
Another important player is your lender. You need someone who is accessible, knowledgeable and who you can understand. If someone is talking over your head or you aren’t getting the warm fuzzies, find another lender.
Your Realtor will have referrals for you to title companies, insurance providers, movers, cleaners, handymen and home inspectors to name a few. If your agent does not have good connections you need to find a better agent. If your agent is not making the process easier for you, that is a big red flag.
If you are considering buying a primary or secondary home this year, reach out to me. We can come up with a winning strategy to buy that home you have been eyeing.