Selling or Buying house in 2023? Make it a great year with these tips.
Thursday Nov 24th, 2022
Are you planning to sell or buy your house in 2023? If so, then this is the year to get ready. Here are five tips that will help you sell your home in a great way this year and beyond:
1. Be pre-approved for the mortgage
You need to be pre-approved before you start looking at houses. Getting pre-approved means the lender has reviewed your financial situation and determined that you are eligible for a mortgage loan. While it's not binding and doesn't obligate you to get a loan, it does make the process more efficient since both parties know they're working toward a common goal. If you don't have the funds available to pay cash, it makes sense to get pre-approved so you can start looking at properties with confidence and without complications!
2. Try to find resale homes or quick move-in construction
If you're in a hurry to sell and move, consider quick-move-in construction. These homes are built from the ground up and ready to be moved into within a few months of closing. This is a good option if you need to move quickly or can't afford an empty house on the market for several years.
Quick-move-in houses also tend to be more affordable than resale homes. They may not have as many options for customization, but they still provide plenty of flexibility for buyers who don't want everything about their home dictated by their builder (and who know what they want).
If your timeline isn't quite so tight and you're looking for lower costs per square foot while still enjoying certain perks of buying new—such as modern finishes, and high-quality appliances in kitchens with quartz countertops—look into buying resale instead. Many resale properties can offer similar benefits at much lower prices than new construction options with similar amenities would cost.
3. Lock down a good interest rate might be a good idea
The last thing you want is to lock in your rate only to find out that it's gone down after you've already made a purchase. Although the Interest rates are increasing right now, and if you can get a lower rate, why not? It's always better to lock down a good interest rate before buying than after.
If you don't lock your rate in now, there may come a time when the bank will offer favorable terms for those willing to take on higher risk (i.e., paying more). The longer you wait, the less likely it becomes that they'll change the terms of their offer until they hit rock bottom and are willing to give up as much profit on this transaction as possible because the banks need to make money as well!
4. Sellers who wait to list might wait to sell
The longer you wait, the more you lose. The longer you wait, the less money you will get for your house. If your goal is to sell in 2023 or beyond (or even 2025), take action now. The market is changing and many agents think that by mid-2023 it will be much harder to sell a house as inventory levels increase while demand decreases because the interest rates will likely remain high.
5. Look at market value vs. list price & don't forget to look at foreclosures as well.
If you're looking for a home and have your sights set on buying a house in 2023, it's important that you keep an eye on the market value of homes in your area — not just what the seller is asking for them (the list price). You want to make sure that although this might be an excellent deal for them, it's also a great deal for you. The last thing anyone wants is to overpay or spend more than they can afford.
Foreclosures are another option if they interest you as well; these properties are usually sold at auction by banks or mortgage companies who own them after being taken back because payments weren't made on time or in full during their first few years of ownership, due largely in part due to financial hardship such as unemployment, etc... Foreclosure auctions are held regularly so keep an eye out!
If you're selling or buying a home in 2023, we hope that these tips will help make your experience a little easier. If you're planning on buying, keep in mind that there are plenty of great houses to choose from in the current market. Good luck!