Buying A House In 2023?

Tips and Insights For A Changing Market

The housing market has shifted a bit, and despite a continuing shortage of real estate for sale, there are great opportunities for buyers to put themselves in the best position to purchase the home of their dreams this year. 

For one thing, the frenzy has tapered off, which means buyers now have a little time and wiggle room for decision-making. Home prices are flattening out and houses are not selling as fast, reducing the pressure for buyers. 

It’s true that interest rates aren’t as attractive as they were during the dip that started in 2020, but rates could continue to climb this year and into the future, so locking in now could be the right move for buyers who are ready. Commit to the home you can afford now, and when mortgage rates eventually come down, those with a fixed rate may be able to refinance, and those with an adjustable rate would see the benefit of the lower rate automatically.

Renters are finding that prices have climbed exponentially in recent years, due to inflation and limited inventory available for lease. Even with higher interest rates, many new homeowners say that their mortgages end up being the same, or even less than, what they paid in rent. With a fixed-rate mortgage, you can ensure that your cost remains the same over the life of your mortgage. That is, you no longer have to worry if or when your landlord will raise the rent again, or by how much.

buying house

Some older homeowners are in a unique position where interest rates are not the deciding factor for a new purchase. If they have enough equity in their current home to sell it and pay cash for a downsized house, a 55+ community could be the perfect option. Home values have risen in New England over the last decade, and sellers are seeing the benefits when the time comes to move into a new home. Homeowners appreciate not having to worry about remodeling, fixing, or incurring costs related to maintaining their older homes. New construction is an affordable option that offers brand new heating, plumbing, and electrical systems, along with appliances, and a trouble-free roof, all under warranty. A very attractive added bonus is that homeowners in communities like Glenn Place in Goffstown, New Hampshire also have snow removal and landscaping services, making property maintenance truly a thing of the past. 

No matter the state of the market, the same advice as always still applies: Pay down other debts to improve your credit score, and put more cash down. These steps will lower the total cost of your mortgage.

As you venture into the market as a buyer, take advantage of online tools available that make looking at listings easier than ever. Take virtual tours of properties, and watch videos to narrow your interest. If new construction is your choice, choose a builder who will walk you through the process with ease and answer all your questions. 

What’s on your wish list of features for the perfect home? Let us help you find it!