3 Tips for Buying a Home in 2023’s Tough Market
Although the real estate market has cooled down a bit, there are still challenges buyers will face in 2023. Competition is expected to remain strong in desirable areas, and higher mortgage rates can make it more difficult for prospective buyers to afford their dream homes.
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But that doesn’t mean buyers should give up on finding their new home in the coming year. If you want to buy a home in 2023, use these tips to make that goal a reality.
Keep Checking for New Listings
“The good news for home buyers is that there are many more homes on the market today than there were a year ago. And while the nation is still in the throes of a housing shortage, more housing inventory is expected to go onto the market in 2023,” said Clare Trapasso, executive news editor at Realtor.com. “Realtor.com’s 2023 Housing Forecast predicts there will be 22.8% more homes for sale [in 2023] than there were [in 2022].”
So even if you don’t see what you are looking for right now, don’t give up.
“Keep checking listings and set up alerts for new listings, stay in close touch with your real estate agent, and look on websites like Facebook where people might post a listing,” Trapasso said. “It also doesn’t hurt to tell those living in the communities where they hope to move that they’re looking for homes. These folks may find out about a home going up for sale before it officially hits the market.”
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Take Steps To Make Your Offer More Attractive
If you’re looking to buy in a highly desirable area, you may still face competition from other buyers. However, there are several things you can do to make your offer stand out.
“The best thing that buyers can do to make their offers attractive is to be pre-approved for a mortgage so the sellers know that they can afford to go through with the purchase,” Trapasso said. “Buyers with higher down payments also signal to sellers that they can afford these homes, so in many sellers’ minds, the deal is more likely to go through.
“Picking a loan that will close fast can also sweeten the deal,” she continued. “In addition, buyers worried that their offers won’t be accepted shouldn’t nitpick small repairs they can do themselves when they move in.”
Don’t Be Afraid To Negotiate With the Seller
Although it can be beneficial to take steps to make your offer more attractive, buyers shouldn’t be afraid to negotiate.
“The market has tilted more in the favor of buyers in recent months as high mortgage interest rates have whittled down the competition,” Trapasso said. “In this market, buyers may be able to submit offers under the asking price, ask for repairs and even have the sellers help with their closing costs.”
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This article originally appeared on GOBankingRates.com: 3 Tips for Buying a Home in 2023’s Tough Market
