Want to Buy a Home in 2023? These Tips from Real Estate Expert Brad Zackson Can Help!
As the year progresses, many Americans are thinking about major financial decisions for 2023, including owning a home. However, competition in the real estate market is expected to be less competitive than in 2022. According to money experts, the impact of inflation and skyrocketing interest rates will keep most prospective homeowners on the sidelines.
But despite the economic state, purchasing a house can be both an emotional and exciting journey. Before anything, you should research and understand the ins and outs of the home-buying process.
Here are some tips from an experienced realtor to house hunters in 2023:
Work on Your Credit Score
You might not know this, but your credit score can significantly impact how much loan you can qualify for and the accompanying interest rates. You can start by getting your credit score from any of the three credit reporting agencies: TransUnion, Equifax, or Experian, free of charge once a year. Generally, a good credit score should be between 670-739.
Working on your credit score improves your chances of acquiring a mortgage with a better interest rate which might save you lots of money in the long run.
Make Use of Online Tools
Prospective homeowners used to drive around town all weekend, viewing and comparing open houses. However, house hunting has become easier and hassle-free in today’s technological era. In most cases, you can quickly analyze the property online through a 3D virtual tour. Additionally, a mortgage calculator can help you estimate the approximate pricing of the home you can afford.
The Earlier, the Better – Find a Licensed Real Estate Agent and Lender Now
If you are shopping for a house, it is best to start connecting with mortgage lenders and real estate agents as early as now. After all, finding a company or individual you trust and are comfortable with might take some time. This is especially crucial if you want your pre-approval loan letter and a great agent by spring. Most residential properties will hit the market in April or May. You can target your purchasing plans around this time. You can move faster if you have a lender and agent already lined up.
Go Get Your Home!
Sure, the residential real estate market is slowly cooling. But if you think it is no longer competitive, you are wrong. If your main goal in 2023 is to own a home, you should place an offer on a desired property immediately.
Some buyers prefer to wait a little longer until the mortgage rates fall or the home prices drop, but this can be quite a costly risk. Who knows? Another buyer might come across the same property, get interested, and place their offer.
2023 – Is this the Right Time to Buy a House?
If you are waiting for the perfect real estate market conditions to purchase and own a house, you might never get there. The right time and conditions might take a lot of time to arrive. The best thing is to stay current on today’s real estate market, consider your budget, plot your purchasing timeline, and let the journey begin.