So you want to buy a house in 2023
So you want to buy a house in 2023?
If you’re planning to buy a house in 2023, here are some quick tips and tricks you can use to set yourself up for success!
Work on your credit – your credit score is one of the most important factors in regards to buying a home, and one that is easy to overlook. If you are planning to buy a home in 2023, getting your credit score up will likely end up saving you money overall. We’ve gone over how to improve your score on this blog before, but being able to pay down revolving debt will usually make the biggest difference in your score. If you are getting an end of year bonus or generally get money back when you file your tax return, these are great opportunities to make big strides with your debt.
Study the market – many buyers enter the market with unrealistic expectations, and this can lead to an underwhelming experience. If you end up looking at $500k houses on the internet and only get pre-approved to $350k, you are likely to not find anything you love available. In addition, it’s important to know what home prices are doing in very general terms (going up or down) and whether it is likely that a seller will be willing to pay a portion of your closing costs.
Talk to a lender – this entry was going to say get pre-approved, but since we are just planning for 2023 and everyone has different obstacles in the way, it is important to discuss what those obstacles may be, and what you can do to plan beyond the items listed in this blog. Making an application may be the next step for you, but only you and your lender can know for sure. If you are planning for 2023, be sure to work with someone you know, like, and trust. This will likely the be the biggest purchase you ever make, so it’s important who you work with!
Talk to a realtor – this one is a lot easier once you have completed your pre-approval, but since realtors are the only ones with access to the MLS, they are the only ones who can get you info on homes that are coming on the market as it occurs. A good realtor can make a big difference in your buying process, and help you identify homes that meet your requirements and help you navigate an ever changing market.
Don’t get discouraged – the media can make it seem like it is always a bad time to buy a home for a multitude of reasons, including interest rates and market fluctuations. Working with professionals can help alleviate your concerns and give you realistic data to inform you on the process, and help you with a home purchase. If you are paying rent you’re always paying someone else’s mortgage payment, so why not just pay your own?
In conclusion, 2023 will be an amazing opportunity to purchase a home. We’d love to help you do it, and if you have questions or would just like to plan it out, feel free to email Scott or Ashlee at teamlakecameron@fairwaymc.com
