Is 2023 A Good Time to Buy A Home?

While the best answer to this question depends on your current needs and financial situation, there are many great reasons to buy a home in the current real estate market.

Here are some important questions to explore when deciding whether right now is a good time for you to buy a home:

• What is my motivation for buying a home now? Do I need to make a move? Or, is buying a home something that I am looking forward to at some point?

• Am I currently in a financially stable position to buy a home?

• Do I plan on finding a new job in the near future, or will my income change significantly in the near future?

• Do I have enough money saved to comfortably make a down payment?

• Do I have low or high levels of debt? Should I improve my credit score before considering financing the purchase of a home?

There are many benefits to buying or selling a home in the current market. According to HomeBuyer.com, author Dan Green states, “More than 60% of U.S. renters say they'd buy a home if their lease ended this month. But is 2023 a good time to buy a home?”

For some, 2023 may be the perfect time to buy a home considering the following facts: 

• Many lenders are offering first-time home buyers below the current average 6% interest rates
• While rates are still around 6% on average, they have come back down a bit since the end of 2022
• Home values are not crashing & home values typically increase over time, making real estate a great investment, more often than not
• Home sellers are giving into a lot of buyer demands
• If you’re unhappy with the rate you purchase at, you can always refinance later at a lower rate
• The number of homes on the market now compared to 15 months ago is 15% higher, meaning you will have many more options to explore

Regardless, buying a home is a big deal for most people. It’s crucial to do as much research as you can, especially if you’ve never bought a home before. We recommend reaching out to the people you trust in your area for Realtor recommendations, as they can be a valuable resource in many areas that may influence your decision to buy or not.

Before buying a home, we recommend saving as much as you can to comfortably make a down payment on the home that suits your needs, and ideally your “wants,” as well. You will also be in a better position if your debt-to-income ratio is low. Research the town you want to live in to make sure it's where you really want to be. Find the right realtor for you, and find a mortgage company that best fits your needs. And while home shopping, favor logic over your emotions when making decisions. Wherever necessary or recommended, consult with industry professionals to be sure the home you are considering is a solid investment and a great fit for you.

If you’re looking for guidance in your home search, our team is to help! Give us a call at 856-264-8671 or e-mail Scott@zhomesrealestate.com to discuss your goals in buying or selling a home this year. Our first priority is to empower your home search and allow you to feel confident in your decision to purchase a home in 2023!