It’s a Great Time To Buy for Move-up Buyers
January 16, 2023
If you’re looking to upgrade to a new home, now’s the time to buy! Whether you’re an empty nester looking to downsize or you’re starting a family and looking for more room, the current market is in your favor. After a very low inventory (from 2020-2021), the supply of homes has seen a slight increase, giving homebuyers – like you! – more options to consider.
However, inventory hasn’t increased so much that there is a surplus of homes. This can cause the value of your current home to go down; the savings on a new home, though, may offset the fact that you may have to sell your home at a lower rate in this market.
With higher interest rates, homebuyers who have more equity in their homes will be able to qualify for more. And cash buyers are in an even more advantageous position because they don’t have to worry about interest rates at all. Antares Homes buyers are in an even better position because we are currently offering incentives to help you buy down your rate! Learn more - CLICK HERE.
If you are looking to move-up to a new home right now, you should have a few things in order:
Excellent credit: It’s no secret that the best mortgage deals will be available to those who have credit scores of 740 and above. You’ll be in line for the lowest mortgage rates as long as you’ve demonstrated you are a low-risk borrower with a history of on-time payments.
Enough saved for a down payment: Before you dive into the search for a new home, do you have enough saved for a down payment? Take a tally of your monthly bills and be sure you have a sizable amount of cash that you don’t mind digging into. Not only that, you’ll want to ensure you have money leftover – the last thing you want to do is spend your last dime on a home that you don’t need right now. Plus, lenders feel more comfortable loaning money to those who have additional cash reserves.
Confidence that you’ll be staying put for a while: Many people consider purchasing prices and down payments, in addition to furnishings and more, when buying a new home. Not to mention the closing costs and any unexpected expenses that may pop up. But to justify all of these one-time transaction costs, it’s wise to plan to stay in this new spot – or know that you’ll be financially stable enough to hold on to the property and rent it out.
Buying a home at any point can feel challenging and overwhelming. But playing the waiting game can prove just as tricky. We recommend that you take the time to thoroughly review your finances and take the pulse of the town in which you’re hoping to live. Do enough research where you can feel confident in your decision either way!