In 2023, there are several solid reasons to buy a home, either as a first-time buyer or to bolster your real estate portfolio. We help clients capitalize on the market around Panama City Beach, but it’s a great time for buying in general, provided you know how to evaluate quality opportunities.
So, what are the primary advantages of buying a home in today’s market?
Advantages of Buying a Home Today
- More Homes Available Now
- When we glance back at 2022, it’s easy to notice that buyer enthusiasm abated substantially, thereby adding more homes to the market. From January 2022 to October 2022, the supply of homes for sale approximately doubled across the U.S.
- Why is this an advantage? Because many of those homes are still for sale, which means the sellers are becoming much more eager to sell. That translates into better terms for buyers. You may have to take your time finding the right home, but it’s easy to see that the advantage is shifting from the seller to the buyer.
- No Sign of an Immediate “Crash”
- There will always be a few real estate “doomers” out there, the ones who insist a housing crash is coming regardless of economic conditions. If you pay attention to trends, however, you’ll find that there’s not much reason to panic, especially in the Florida market.
- While there are housing forecasters, like Zelman, who predict prices will decrease by 5%, almost every other institution calls for a change of no more than +/- 2%. In other words, most market watchers are not calling for a huge plunge in home values soon.
- Mortgage Rates Starting to Stabilize
- It’s true that mortgage rates increased last year, which played a significant role in increasing the home supply. However, in recent weeks, we’ve noticed that rates are stabilizing along with inflation figures. If mortgage rates have peaked, and inflation doesn’t jump precipitously, there’s plenty of reason to believe buyers will get back in the game.
Those are a few key advantages we think you should know in 2023. If you’re thinking about buying a home, but still have doubts, we’d be more than happy to show you why there’s nothing to fear.
The Fadden-McKelvie Group can help you find a buy your first home or increase your current real-estate holdings with outstanding opportunities along the Florida Panhandle. Our mission is to guide you toward prudent investment and home-buying decisions. You can contact us anytime to learn more about us by calling 321-890-5364.