Over the years, homebuyers and sellers have had to navigate a wide range of real estate conditions. But unlike the big market changes of the past, we have swung from one extreme to the other in less than three years. The market went from rock-bottom mortgage rates, bidding wars, and incredible home appreciation in 2020 to near-record-high mortgage rates, plummeting housing demand, and falling home prices at the end of 2022.
What does going from an overheated market to a more balanced situation mean if you’re trying to buy or sell a house? Here are four tips for navigating the rapidly changing housing market as we enter 2023.
1. Don’t fret over buying or selling at the “perfect” time
There’s no such thing as the perfect time to buy or sell. After all, if you base your decision purely on market conditions, the timing may not align with what works best for you personally. And if you have to sacrifice your quality of life just to save a little on your mortgage or get a higher return when selling a house, is it really worth it?
2. You have more control than you realize
Housing inventory may still be a bit tight, but since higher mortgage rates are pricing out many would-be homeowners, the days of heated bidding wars are behind us. This gives you more options as a buyer, letting you take your time to learn the neighborhood and weigh the trade-offs of one home versus another. Buying at your own pace is the key to avoiding buyer’s remorse when making such a significant, life-changing purchase.
3. Research your home financing options
Whether you’re buying your first home, upsizing, downsizing, or something in between, you have more mortgage options than you may realize. Some lenders offer low- or no-down-payment loans, with or without private mortgage insurance required, depending on your situation. And if you’re worried about high interest rates, you can always ask about rate buydowns or mortgage points to make your investment more feasible. Use an online mortgage calculator to help you quickly determine what you can afford.
4. Don’t get discouraged
One of the hardest parts of house hunting is the potential heartache of losing out on what you thought would be the perfect home. But don’t let this discourage you from looking for another home that may excite you just as much. After all, there’s more than one option out there that will work for you, and Vutech | Ruff, Corcoran Global Living, can help you find it.
Our award-winning real estate agents have over 60 years of combined experience navigating the housing market in the Greater Columbus area. We work with buyers and sellers to help them reach the all-important destination of closing day, while making the journey there as seamless and stress-free as possible. To speak with a knowledgeable Ohio real estate agent about your home-buying or selling needs, please call us at 614-897-0618 or contact us online.