February 25, 2023
If you have been on the fence about buying property, many factors indicate that now is the time to make a move. Here’s what you should know about home buying in 2023:
Why?
Buyers have more leverage in negotiating price and terms than they have in the past 3 years
Buyers with loans are not as likely to lose out against multiple offers or against investors, with home purchases by investors falling 46% YOY
How?
Save money by shopping rates between lenders rather than trying to “time the market” and wait for mortgage rates to drop. Sam Khater, Freddie Mac’s chief economist stated, “Our research shows that rate dispersion increases as mortgage rates trend up.”
Check into financing with an FHA loan — starting March 20th, the government will reduce mortgage insurance premiums, saving borrowers $800 per year
Find out about assumable loans, rate buy downs and other ways lenders are enticing buyers
Cash buyers can take advantage of sellers who overpriced their properties late last year and are still sitting on the market.
Where?
Here are the top 14 cities that have seen at least a 6% price drop since their peak of last year. Six of them are located in California.
Real estate investing remains an excellent way to build wealth, even if you are not planning on living in the property yourself. Check out these affordable Midwest metros topping January’s 20 Hottest Markets, according to Realtor.com
Looking ahead, real estate prices are not projected to bottom out like they did in 2008. Waiting to purchase a primary residence will only cost more in the future, especially with interest rates due to rise again next month.
More Real Estate News To Contemplate
Get ready for tax time with this list of home improvement tax benefits (on page 29) offered by the New Inflation Reduction Act, including the Non-Business Energy Credit, The Residential Clean Energy Credit, and The Alternative Fuel Refueling Property Credit
Inside this 26 year-old’s tiny home she built in her backyard
Smart homes transform buyer expectations
How does a deep freeze affect a home’s foundation?
Thinking of adding solar? Do it before April 13th when NEM 3.0 goes into effect
As a specialist in luxury and second homes, including short term rental investments, from the Orange County Coastline to the Palm Springs area, my goal is to bring you accurate and up-to-date housing data. If you have more questions, or want to discuss your next move, I’d love to hear from you.
