Is Buying a Home Now the Smart Move? Questions to Ask Yourself Before Making the Leap

There are many people asking if 2023 is the year to buy a home. 

Real estate is a local market, and not national, so what is happening in one part of the country is not necessarily happening in other states. Connecting with a local Realtor will enable you to know the market in your specific area instead of following national trends. 

Spring is the traditional start of the home-buying season, with new listings typically hitting the market in February and March. In Charlottesville and nearby counties we are still experiencing a scarcity of homes on the market, so there is still a lot of competition when homes do come on the market. However, being financially ready to buy is more important than the time of year or trends in the current market. 

Before starting your home search, you’ll want to understand the steps and process to home buying. This will prepare you to make decisions that are the best for you and your family, versus listening to what others say is best for you.

Here is what I recommend you do if you feel now is the time for you to buy a home. 

1. Understand why you want to buy a home

Purchasing a home is a major decision that shouldn’t be taken lightly. If you’re not clear on why you want to buy a home, you will only focus on the rate and whether it’s the right time to buy. But there isn’t a one-size fits all question or answer to buying a home, and timing the market is impossible. 

To get started, define your goals. Make a list of the must haves in your home or location you desire. 

• Does it make sense for you to purchase a home financially? 
• Can you comfortably afford the monthly payment and closing costs and down payment needed? 
• How long will you live in this home and area? 

2. Get pre-approved

Before you start looking at homes, you need to determine what finances you qualify for. Even more important, you need to know what you are comfortable paying each month. Ideally, you’ll want to have some extra savings as a buffer to allow for unexpected maintenance costs or issues. 

Meeting with a lender and running monthly payment scenarios is vital before you start to fall in love with homes. Your Realtor can connect you with a lender they work with to get started. 

3. Hire a Realtor

A (great) Realtor will save you time and money by helping you find your home, using their expertise and negotiation and market skills. Ask your friends or family members for recommendations on who to meet with. 

Set an in person or Zoom meeting to make sure that you are a good fit. Your Realtor will ask about your wants and needs to help you get started. 

4. Get set up on auto-email and begin to view homes

Your Realtor can create a profile for in the local MLS (a database of homes for sale), and set up automatic searches for homes that meet your criteria. You won’t be able to check off everything on your wish list, so you’ll want to prioritize what’s most important to you.

5. Make an offer

Once you find the right home, your Realtor will write an offer. In this market, you need to be prepared to compete with other offers from other buyers who are interested in the same home. Your Realtor will guide you as to what it will take to compete in the current market. 

Of course, there are many steps before and after an offer is made to get you to closing, but this is a short version to work with. Buying a home involves a lot of moving parts and complex steps, but this information, along with the professional expertise of your Realtor and lender, will help you navigate the process smoothly. 

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