February 21, 2023
In 2020, the experience of buying a home in Maine seemed to evolve overnight. From bidding wars and price hikes to properties getting snapped up in minutes, the challenges were endless. Fortunately for first-time home-buyers, the 2023 home buying season will likely be very different than what buyers experienced over the last three years, and that’s great news for buyers in many ways. It also means that buyers should have new strategies for navigating the 2023 home buying market.
As a first-time home buyer in 2023, you won’t have to endure many of the challenges buyers faced over the last few years, which means you need a fresh take on the best way to buy a home for the 2023 buying season. Here are some of our tips for the best ways to buy a first home in 2023 and how you should prepare.
Spruce up your credit
With the difficult financial times, many people have experienced over the last few years, this is the first step toward getting ready to purchase a home. Paying your bills on time every month is the one act that can make the biggest difference. Review your credit report to see if it contains any errors and contact creditors about any you may find. Use online tools and Mortgage Calculators. These can also be a great first step in figuring out how much of a mortgage payment you can afford.
Go with a local lender
While big national banks offer mortgages, your best bet for pricing and flexibility is to choose a local lender, like UCU. Here, we also offer a suite of mortgage loans and services along with competitive rates – but have the flexibility to work with your unique needs as a first-time home buyer. Because we make our lending decisions locally, we can also respond faster to your needs and are more attuned to the local market conditions here in Maine.
When you are pre-approved for your mortgage, sellers have more confidence that you are a serious buyer and will be more willing to work with you.
Get a good agent
Working with a real estate agent who is knowledgeable about your favorite Maine communities is essential – just as much in 2023 as ever. Remember that it is still a competitive market, so you will need a good agent on your team who can help you jump on great opportunities and negotiate pricing.
Think about the long term and the short term
The real estate market is not anticipated to be a true buyer’s market for several years. Even so, it’s a great opportunity to make a long-term investment in a home. This is especially true since prices are easing yet not expected to decline dramatically any time soon. Working with a knowledgeable local lender will help you obtain a loan that will work for you, and will even help you refinance in the years to come as rates decline further.
Ask plenty of questions
As a first-time home buyer, you aren’t expected to be the expert. At UCU, we are. Good lenders are those who are ready and willing to answer your questions and educate you every step of the way, and that’s exactly what we pledge to do for you. Plus, our lending team is well rounded and can help you with any type of loan, not just mortgages, so reach out to us with your borrowing needs today at (800) 696-8628.
Equal Housing Lender. NMLS 407658.