Buying a Home in 2023
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.
Improve your credit score
Many buyers are unaware of how much of a difference their credit score can make when it comes to what they can be approved for, as well as their monthly payments.
From How do People Afford Houses? Here’s the difference between a low and a high credit score when it comes to monthly mortgage payments for a $430,000 loan with 10% down:
- 740-759: $3,091/month
- 680 – 699: $3,215/month
- 620-639: $3,424/month
The good news is that you can improve your credit score over the course of a single year – and some changes can make a difference within a few months.
It’s a good idea to work with a credit counselor or mortgage advisor on this, though, because sometimes the things that make a better credit score are counterintuitive. Asking your credit card company to raise your maximum limit, for example, doesn’t look bad – it actually helps your credit because it improves your credit utilization score.
Don’t ignore your agent’s advice
Your Realtor’s advice comes from years of experience and from working on countless deals – so don’t ignore it. Plenty of buyers get frustrated with the homebuying process precisely because they have a pre-set idea of what their buying experience “should” be like – and have trouble adjusting to reality.
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.