K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Is 2023 the Year to Finally Buy a Home?

January 10, 2023

That depends. There are some signs indicating that it might be getting easier for many folks to buy a home. Inventory levels are still low, but there are more homes coming on the market; the bidding wars and mind-boggling offers over the asking price have died down; and buyers can once again insist on inspections, contingencies, and repairs before the deal closes.  Homes are sitting on the market for longer, so buyers can sleep on it rather than submitting an offer in the middle of an open house. Prices even dropped more than 10% in December from their peaks over the summer.  While that’s all welcome news for most first-time homebuyers, the Realtor.com® economists expect home prices will rise 5.4% year over year in 2023. (That’s on top of some already lofty prices.) And mortgage interest rates remain uncomfortably high, in the mid-6% range at last count for 30-year fixed-rate loans.


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