2022 was a wild year for buying property. Rates increased while inventory decreased, leading many buyers to put off the decision to buy new property until 2023, hoping that the market will settle. Now that 2022 is coming to a close, many potential buyers are wondering what they can do to prepare themselves for buying property in 2023. Here are 3 things we recommend that potential buyers start doing now to be ready for buying property in 2023:
Get Pre-Approved for a Mortgage
This should be one of a buyer’s first steps no matter what the housing market looks like. Getting pre-approved will provide you with an idea of what you can afford on a new property and puts the buyer in a better position to be approved once they find their perfect place.
Pre-approval is a relatively quick process, but you will need to have a few things on hand:
- Financial documents (this includes things like W-2s, pay stubs, tax returns, and bank statements)
- Knowledge of your credit score (the higher your credit score is, the better the chances of getting approved for a mortgage)
Know What Type of Property You Want to Purchase
Are you looking for a single-family home or a condominium, or something in between? The costs and mortgages associated with these properties can have a significant impact on your monthly payments as well as the resale value of the property. Knowing which one you’re looking for will give you time to decide what works best for you based on your budget and needs.
*Pro Tip: Don’t forget to look at the location of the type of property you’re wanting to purchase. Do you want a faster commute or a quiet neighborhood? This may affect your decision on the type of property you’re looking to buy.
Shop Around for Homeowner’s Insurance
This may seem like a basic purchase when looking for a new property, but many people often overlook it. Depending on the location of your property, you’ll want to make sure you can obtain coverage for a wide range of situations. For example: is your property located in a flood zone? If so, it may be difficult to obtain flood coverage with homeowner’s insurance. You’ll want to shop around beforehand before you find yourself without adequate coverage for your dream property!
Conclusion
If you were waiting to purchase a new property in 2023, there are some things you can do now to make the process of purchasing a property much easier for you. Take the time to gather up all of the documents you will need!
If this all seems overwhelming, we’d love to help! Contact us today to schedule your free consultation!
Preparing to buy and negotiating a good price for your property is easier with professional help. At the Zion Group, our team of experienced professionals will make the time to listen, plan, and execute your vision for your real estate goals. Schedule a free consultation with us today.
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