Are you considering purchasing a home in 2023? According to economists from the National Association of REALTORS®’ “2023 likely will become a year of long-lost normalcy returning to the market” which could mean this is the year for you to buy either your first or next home. When making the decision to purchase a home there are few things you should consider such as interest rates, competition and selection of available housing.

Interest Rates

Interest rates shouldn’t be the only factor whether or not to purchase a home. As you may have heard, interest rates peaked in October 2022 and have since been slowly declining. Although rates are not as low as the historically low rates we experienced in 2020 to early 2021, the most important factor in purchasing a home is if you’re ready to buy and then you can always refinance your rate if rates decrease in the future.

Competition

Due to the rise in interest rates over the last 6 months, the buyer competition has decreased. This is great news when you are looking to purchase a home as it gives you more of an opportunity to negotiate the best terms for you.

Selection Of Available Housing

Overall the inventory of homes on the market is still remaining low, so if you’re thinking of buying your next home it doesn’t hurt to start the conversation with your trusted agent. We’re here to make sure you have all the information you need so you’ll be ready when the right home comes on the market, so if you’re thinking of purchasing a home in the next year, don’t hesitate to reach out to us.Bright MLS Chief Economist Lisa Sturtevant of the National Association of REALTORS® said “We believe 2023 will bring lots of variability in how housing markets adjust. There will be a lot of resetting expectations for both buyers and sellers.” Clearly the housing market is shifting from what sellers and buyers experienced in the 2020 to 2022 era. Considering these changes in the market it might be the right time for you to buy, however if you still aren’t sure and want to learn more about what purchasing your next home would entail, contact us today!

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