Homeownership in 2023

Whether you are purchasing a home or selling a home, it is a very personal decision. The house you sell or buy is your home that you will spend a good part of your life. It is also a big financial decision that can affect your finances. To make the best decision for you, professionals in the industry reveal what the real estate market looks like in 2023. 

As you begin the search of finding the right home, many start by looking at listings. According to the National Association of Realtors in 2022 almost half (47%) started the process by looking for a home online. Buyers that were younger than 41 had around 60% that purchased a home online. This actually is a good way to handle the process due to the frenzy and fury of buyers in the market. As of April 2023, the median home price for existing homes was $388,800 which was a decline from a year ago. Even with the decline, the stats were up from recent months.

Once you find a home you want to buy, you have to secure the finances. Getting a pre-approval from a mortgage lender will help you in the buyer’s market. This also goes along with a down payment which can be daunting. It was reported that 26% of first-time home buyers agreed that saving up for a down payment was the hardest part of the home-buying process.

Baby Boomers have been at the forefront when it comes to purchasing a home, but there is a new generation, the millennials who have taken over. In 2022 millennials were noted as the largest home buying age group at 43%. Sixty percent were married couples while single women were next at 19%.

If you are in the market to purchase a home, contact a local realtor who can help you through the process. A Realtor can also recommend a mortgage lender who can help you with the financing aspect of purchasing a home.

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