Homeownership is often something people add to the list of goals they hope to achieve in their life. There are both long and short-term financial benefits of being a homeowner, and there is the personal pride that comes with having a home to call your own. However, this decision and goal is not one that comes easily to all. Purchasing a home takes a lot of saving and life planning to achieve.
So, is 2023 the year to make those dreams and goals a reality?
The first thing to consider is the market. There is still some indication of inventory being low, meaning more competition in the market or what is available. But, there are more homes coming onto the market and we know that this number is likely to continue rising with seasonal market trends as we head into Spring and Summer.
In addition, homes have been staying on the market for longer, providing more time for buyers to make decisions after some thought, instead of in a rush for fear of losing the property. According to Realtor.com, “Prices even dropped more than 10% in December from their peaks over the summer”. This drop is not likely to stay throughout the year, according to economists, so capitalizing on this opportunity means making your move earlier in the year.
This does not outweigh the current interest rates. Though still historically low, it may be a consideration for some buyers to wait to purchase. Bear in mind that refinancing is always an option if and when a decrease in interest rates comes.
What does not fluctuate like a mortgage rate is the benefit of being a homeowner. A space to call your own, build your equity, and not give money to another owner every month. These benefits are both consistent and long-lasting.
Being knowledgeable about the market, and the opportunities available to you is important. This is where the Corken + Company team steps us. Let us guide you from start to finish in your real estate transaction when you even start to think that buying may be in the cards for your 2023. Contact us today at www.corken.co/contact