There were a lot of changes that took place in the world of mortgages and real estate last year but it is my belief that 2023 will be a land of opportunity for those who are interested in moving forward and have specific goals for themselves.
Yes interest rates are higher than they were a year ago at this time, but many experts believe we have seen the peak of higher interest rates and that things should settle down as we go into the New Year.
One of things that changed in the second half of last year what that the real estate market moved from a decidedly seller’s market, where buyers were often frozen out of the opportunity to purchase a home or had to settle for a home that perhaps they liked but didn’t love, to a more normal market where buyers can be a little more patient and selective. It doesn’t mean you can low ball a seller and many homes are still selling at or near their asking price, but it does mean that a more normal pace of sales will likely take place.
Inflation has been the driver of higher interest rates and there are early signs that inflation too has perhaps peaked. If that is true and if, as a result, mortgage rates drop a little, that provides opportunity to potential home buyers.
One good thing about last year’s inflation and tight job market is that many employees have gotten raises and that can help offset the impact of higher payments caused by the higher rates.
So, if you are thinking about buying a home now can be a good time to explore the opportunities before you. If I can help guide you and answer your questions please give me a call at 818-952-2726 or. I would be happy to talk with you.
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