Real Estate Tips

HOW TO BUY A HOUSE IN 2023

This year has been a tough and unpredictable market for homebuyers, with rising mortgage interest rates and a depleted housing inventory post pandemic.

 And while it's possible to successfully navigate a seller's market, you have to be strategic: "you don't want to end up in a position where you're rushing to buy a house. People are acting like it's their last chance, and it's not their last chance. There will still be houses next year," says Jennifer Beeston, a mortgage educator and senior vice president of mortgage lending at Guaranteed Rate.

Buying a house is a major commitment, and likely the biggest purchase you'll ever make. The best way to ensure you get the house of your dreams and avoid any costly mistakes it is important to understand the homebuying process and make sure you're financially prepared for homeownership before you start.

To learn the steps for buying a house in 2023 - please CLICK HERE for the full article found in TIME. 

What do Today's Mortgage Rates Mean for Your Home Buying Plans?

The big increase in mortgage rates this year has taken a lot of potential homebuyers out of the market. That could present opportunities for you - if you can afford the higher cost of borrowing money.

Homebuyers are facing less competition and prices are down compared to their all-time highs in 2022, but they are still high. If you can find a deal you can afford, it can still be a good opportunity. After all, nobody knows what mortgage rates and prices will be like in 2023, and buying a home is a lifestyle decision, not just a financial one.

WHAT TO KNOW ABOUT LOANS FEES

The umbrella term for what you pay to take out a mortgage loan is closing costs. This includes lender fees and escrow fees, such as taxes and insurance. In general, closing costs are 3% to 6% of your loan amount, so the larger your mortgage the more you'll pay as a total dollar amount. Your closing costs play a crucial role in determining your annual percentage rate (APR). In other words, the higher your closing costs, the higher you APR will be.

For more information about todays financial market rates and trends please CLICK HERE

Spring 2022 Homebuying Season Preview

MAIN TAKEAWAYS FOR BUYERS

• Low housing inventory and high demand will create a strong seller's market but not as intense as the peak of 2021.

• Home prices are expected to continue rising, but at a much slower pace than last year

• To avoid house buying from "fear of missing out" and panic buying, know what you can afford and stick to a realistic budget.

MAIN TAKEAWAYS FOR SELLERS

• It will still be a strong seller's market, but compared to 2021, there will be a smaller likelihood of a bidding war driving up your sale price.

• Get ahead of preparing to sell you home. Repairs and upgrades are taking longer to schedule and complete due to shortages of supplies and labor.

• All real estate is local. Some markets, or sub-markets, may be stronger or weaker than others.

• Work with a local real estate professional that knows your targeting market.

For more information, please CLICK HERE for the complete article found in Time.com