2023 Home Buying Tips
If you know one thing about the 2022 real estate market, you know it sure was a turbulent one. Would-be home buyers are entering 2023 with a healthy dose of skepticism. They’re not going to buy a house sight unseen. Also, they’re not going to bid 20% over-asking and hope for the best.
If you’re planning on buying a house in 2023, it helps to be prepared.
Here are 9 real estate tips for buyers.
Understand the local market
Now more than ever, it’s good to know what direction your potential neighborhood is going in. Are there new developments or new storefronts nearby that could continue to draw people to the area – or are there visibly neglected areas? A neighborhood that’s drawing people in will help increase your home’s property value.
Opt for a smaller home than you planned, if need be
If you’re worried about monthly mortgage payments, sometimes the solution can be as simple as buying a smaller home than you originally planned on. Most buyers today aren’t looking for their forever home anyway, so dealing with a little less storage space than you planned on – or a slightly less luxurious kitchen – can be a way to get a house closer to your ideal price range.
Negotiate! And negotiate again
Although it’s still a seller’s market on paper, sellers are definitely nervous about the market right now – which means it’s a great time to push for what you want and get the contingencies that benefit you. A year ago, many home sellers had 20 offers to choose from and would go for the buyer offering no inspection, all-cash. Today, that same home seller is receiving a handful of offers at best.
What you negotiate for ultimately depends on what matters most to you. If the house’s kitchen is hopelessly outdated, offer under asking. If you’re worried about not having enough money to cover the 15-year-old HVAC if it dies next year, ask for a 1-year home warranty.
With that said, be realistic about what you’re asking for.
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 38 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.