Still a Seller’s Market
Despite the Federal Reserve raising interest rates, home prices rose in 7 out of 10 metro markets in the first quarter of 2023. This is due to prospective buyers getting used to the higher rates and staying in the hunt, while prospective sellers are shying away from listing their properties. To buy a home in this market without breaking the budget, it is important to get pre-approved for a mortgage, be flexible with must-haves, and not attempt to lowball a seller. It may also be wise to wait for the market to moderate further, and save up for a 20% downpayment to avoid private mortgage insurance.
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