Are you thinking about purchasing a home but are sure when you should do it? In this video, I’m going to show you when is the best time to buy a home in 2023. We’ll look at interest rates and the market so you can choose the right time to make your move.
Interest Rates
I’m getting asked often when is the best time to buy a home in 2023. To be honest, I feel that the best time to buy is right. This is because interest rates are hovering between 6 and 6.5%, and they’ve been consistently under 7%.
We do know that Jerome Powell is going to come out and raise rates for sure at least two more times—if not three—in 2023. This is to hedge against inflation. A lot of times, you don’t see that direct correlation to the mortgage market. However, as the prime goes up, good rates typically follow. I think we’ll see another half-point, if not three-quarters of a point, moving forward.
Buying In Brainerd Lakes
Because of interest rates, we feel like now’s the best time to buy in the Brainerd Lakes area. The other thing we’ll tend to see is a lot of people coming back from their winter homes. This means you’ll see a lot more buyer activity in April, May, and June.
Increased buyer activity means a lot more competition for buyers at that time as well. So if you’re thinking of buying, now is probably the perfect time to do so. We would certainly love to help, so please reach out to me to get started.
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