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March 2, 2023
Buy or Sell in 2023
Should You Buy or Sell Your Home in 2023?
Are you wondering if there are benefits to buying a home in the existing market? The
answer is yes for many reasons.
1. Rising Property Values
Let’s begin with a big one and that is rising property values. Interest rates are not
the only thing that increased over the past year. Home values have continued to
increase as well. The reason is lack of inventory. Yes, there is still a housing
shortage and one of the primary benefits of owning a home is that over time,
increased home equity can add to your net worth and give you a low–cost source of
cash as needed. The ability to build equity is what sets homeownership apart from
renting, which has no return on investment.
2. Fixed Housing Costs
One of the best ways to control your expenses is by fixing your housing cost. A
housing shortage is not just for people who are buying a home, it’s for people who
are renting too and that means that rents will continue to increase. When you buy a
home and lock in your mortgage payment with something like a fixed rate mortgage,
you are fixing your housing cost. Controlling your monthly expenses is very
valuable.
3. You Control What You Do to Your Home
Owning your own home, means that you get to do exactly what you want to your
home. Want to turn your basement into a man cave? You can do that! Want to put
a swimming pool or hot tub in your backyard? You can do that! Want to raise
chickens? You may even be able to do that. Owning your own home means you
get to build YOUR home. Just how you like it.
You may be wondering if it is wise to buy a home when home prices are high because if
they drop, it could mean a net financial loss for those who buy at the peak of the market.
Absolutely valid question, however, what we have been seeing in most markets and
what many experts agree on is that a housing crash is highly unlikely.
For a crash to occur, the supply and demand situation would have to flip upside down,
with more inventory existing than the number of buyers and that is simply not
happening.
There may be some markets around the country that have seen artificial inflation over
the last couple of years and these markets may see some market corrections. But if
you are buying in a community that has consistent growth and a robust economy, you
will most likely see decreasing values.
The demand for homes will remain with us for a long time, especially as first–time
buyers reenter the market this year to get their shot at owning a home.
The first step to entering the market whether you are buying your first home or selling
your first home is to verify your home buying eligibility with a lender.
The bottom line is that as long as your finances are in order, your job is secure, you can
afford the monthly payments, you’re working with a skilled real estate agent, and you
will remain in place for at least a few years, buying a home will not be a waste of money
in 2023!
If there is anything I can do to help you find out how much you are eligible for, please get in touch with me at the contact information listed below. I’d be honored to help you get into a new home in 2023.
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