New Year’s Resolutions to Help You Become a Homeowner in 2023

Buying a home is an exciting milestone in anyone’s life. Whether it’s your first time or your fifth, the process of becoming a homeowner can be quite intimidating. Though the home-buying process may seem daunting, there are several steps you can take to make it easier. Here are five new year’s resolutions for first-time homebuyers that will help you become a homeowner in 2023.   Work on Your Credit Score Having a good credit score is one of the most important steps you can take to become a homeowner. Many lenders use credit scores as part of their assessment for approving mortgage applications, so having a good credit score can significantly increase your chances of getting approved for a loan. If your credit score is lower than you would like, work on building it up by making all payments on time, paying down any existing debt and increasing your total available credit limit.  Pay Down Debt: Paying off debt before applying for a mortgage is another important step in the home-buying process. Lenders often look at debt-to-income ratio when assessing prospective buyers and if this ratio is too high, they may not approve your loan application. So if you have any existing debt (like student loans or credit cards), start paying them off as soon as possible so that they don't affect your eligibility for financing.   Save for Your Downpayment Saving for your downpayment is essential when buying a home; most lenders require borrowers to put down at least 20% of the purchase price as their downpayment. To make sure you have enough money saved up when it comes time to buy, start saving now! Open up a dedicated savings account and set aside money each month towards your downpayment fund. This will ensure that you have enough money saved up when it comes time to apply for financing and help make sure you get approved!   Avoid Large Purchases Another important resolution for first-time homebuyers is to avoid large purchases until after closing on their mortgage loan. Making large purchases (like furniture or vacations) with cash or using credit cards can cause lenders to reconsider approving your loan application because these purchases can increase your debt-to-income ratio significantly and make it harder for them to assess whether or not you are able to afford the loan repayment amount each month.   Avoid Changing/Starting A New Job Finally, avoid starting any new jobs until after closing on your loan application; most lenders want borrowers who have been employed in their current job role for at least two years before applying so that they can assess whether or not they are stable enough financially to pay back the loan amount each month without difficulty.   Becoming a homeowner doesn't have to be overwhelming; with some careful planning and preparation beforehand, you can successfully navigate the homebuying process with ease! By following these five New Year's resolutions - working on improving your credit score, paying down existing debts, saving money towards a downpayment fund, avoiding large purchases and avoiding starting new jobs - first-time homebuyers will be well on their way towards becoming homeowners in 2023! Good luck!  ​​​​​​

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Spokane 2023 Housing Forecast: What to Expect

The real estate market is always changing. Anecdotal evidence and economic trends combine to create a unique demand for housing. It's important to stay informed of what's happening in the real estate market so that you know when it's the right time to buy or sell a house. But what should you expect in 2023? Here's a look at some of the key factors that may impact your housing decisions next year.   Home Price Appreciation Will Vary Depending on Location The housing market varies greatly from region to region, city to city, and even neighborhood to neighborhood. Home price appreciation will depend on the specific area you're looking at—some markets will have higher appreciation than others in 2023. This means that you'll need to do your research before making any decisions about buying or selling based on expected prices.   Mortgage Rates Will Respond to Inflation Inflation affects mortgage rates, which can have a significant impact on your ability (or inability) to purchase property and qualify for financing. As long as inflation remains low, mortgage rates should remain relatively stable throughout 2023; however, if inflation begins to pick up, mortgage rates could rise sharply and quickly change the affordability of homes in certain areas of the country.   Home Sales Will Moderate Compared To 2022 There was an unprecedented level of home sales activity in 2020 due largely to historically low interest rates and pandemic-related restrictions that drove people out of major cities into smaller towns and suburbs. While there is still expected to be strong levels of home sales activity overall in 2023, they are likely going to moderate compared with this past year as more buyers wait for better deals and more sellers wait for higher prices than they were able to get in 2020 or 2021 due to high demand and low inventory levels.   2023 will be an interesting year for the housing market! With potential changes coming from all angles—location-specific home price appreciation, mortgage rate volatility caused by inflation, and moderated home sale activity—it's important that you stay informed about what's happening so that you can make smart decisions about buying or selling a home when the time comes next year. Be sure that you do plenty of research before making any moves!

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Prioritizing Your Homebuyer Wants and Needs in Today’s Market 

When it comes to homebuying, there is no one-size-fits-all solution. What works best for you and your lifestyle will depend on what’s most important to you. So, before you start the search process, it’s important to take some time to think about what matters most in your new home. Once you have a good grasp of your budget, you can begin to list (and prioritize) all the features of a home you would like. Here’s a great way to think about them before you begin:   Must-Haves Must-haves are the features that are absolute dealbreakers for you. These are typically more practical features such as the distance from work or loved ones, the number of bedrooms/bathrooms, etc. If a house doesn’t have these features, it won’t work for you and your lifestyle.   Nice-To-Haves These are the features that you would love to have but can live without. Nice-to-haves aren’t necessarily deal breakers but if you find a home that hits all the must-haves and some of these too, then it’s definitely a contender! Examples could include a second home office, a garage or extra storage space etc.   Dream State Lastly, there are dream state features which are things that you don’t need but if they happen to be there, it would be an added bonus! Examples include farmhouse sinks, multiple walk in closets or even luxury appliances etc.. These aren't necessary components of your perfect home but if you find a home in your budget that has all the must haves plus most of the nice to haves plus any of these extras—it’s an instant winner!   The key is knowing what matters most to you when searching for your perfect home —which is why prioritizing is so essential. Knowing which features fall into each category—must haves vs nice to haves vs dream state—can make all the difference during the homebuying process by helping narrow down your list of potential homes quickly and easily. By categorizing them into groups like this helps put things into perspective so that when making decisions about where to start looking first or how far away from certain areas is too far—you know exactly what matters most! Good luck!

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