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Good news ahead for a new home buyer! According to most experts in the housing industry, home prices may fall slightly in 2023. 

A few ways we see this:

  • The Federal National Mortgage Association restated its opinion that at the beginning of 2023 that the housing market will push the United States into recession. 
  • Zillow does not predict much growth in the remaining months of 2022. 
  • Jerry Konter, chairman of the National Association of Home Builders, stated that high mortgage rates close to 7% have weakened the demand for first-time home buyers. 

New home buyers’ most common jitters are high mortgage rates, low house inventory and high home prices, which are justified. Most buyers are waiting for the housing market bubble to pop like it did in 2008 during The Great Recession, but according to most experts, it won’t. 

Luckily, The Gresham Group excels in the area of new home buyers. Making the process of purchasing your new home enjoyable, especially when it comes to creative financing.

First, let’s think about financial questions:

  • Do you want a flexible living situation? 
  • Will you need a budget for home repairs and maintenance on top of your monthly house payment? 
  • Have you considered growing your family? Rooms, bathrooms, locations – if this will be a future investment. 
  • Is it time to buy a home? 

Your own financial readiness is more important than the time of the year. 

And, that’s why every real estate agent in The Gresham Group is a trusted partner when it comes to the purchasing process.

We look at these ways during a market where it can be uneasy for buyers: 

  1. Seller Paid Concessions 
  2. Inspection Negotiations
  3. Interest Rate Buydown 

Downpayment Recommendations: 

Homebuyers should have enough money to set aside to cover closing costs from 2%-4% of the purchase price. For monthly mortgage payments, you should take into consideration property taxes, homeowner insurance, and private mortgage insurance if you put less than 20%. Check your credit score to help you determine your loan pricing. The better your credit score the higher the chances to secure the best terms and rates.  Shop for a mortgage to be pre-approved!

At the end of the day, It is important to focus more on aligning your financial goals, rather than the housing market conditions. 

The Gresham Group is ready to help you build a custom-designed home or buy a move-in ready. 

Contact Us Today!