It is a good idea to buy a house in 2023?
As a result of increasing inflation and recession fears and rising mortgage rates and home prices in 2022, homebuyers have had to rethink their dream of owning a home.
Most people realize that trying to calculate the best time to obtain a mortgage today is a matter of luck rather than Mathematics. This is why most experts suggest that homebuyers should focus on finding the right home for their needs and living there for at least five years rather than trying to “beat the market.”
However, there is light at the end of the tunnel. Experts speculate that, even though prices and rates continued to rise at the beginning of the year, they will eventually begin to decrease compared to 2022.
“Morgan Stanley has predicted a 10% drop in housing prices from June 2022 to 2024. This is juxtaposed with the 45% pricing increase the US housing market saw between December 2019 and June 2022.”
Robin Rothstein – Forbes. “How to get the best mortgage in 2023”
Conversely, housing market conditions are showing improvement, so your resolution this year should be to be aware of the mortgage market and any economic action from the government.
Although the minimum mortgage requirements are almost the same as they were last year, qualifying for a mortgage could be easier with the new credit scoring flexibility and interest rate waivers for some programs.
This means that for 2023 there will be more conventional mortgage lending power, which means more homebuyers may have a chance to obtain conventional loans in 2023.
At the end of the day, the best time to buy a house is when you are financially prepared; since just as today we expect prices to rise in early 2023 and then start to fall, and we could also face rising inflation and climbing interest rates in the upcoming years.
At Dream Habitat, we offer you the opportunity to find the best financial plan for your needs and close the best deal for you and your family.
Give us a call, and let’s make it happen!
