Real Estate Roundup: 3 Tips for Starting 2023 Right

As 2023 begins, let’s look at some great ways to get your clients on the path to homeownership!

Inflation Update 

The December Consumer Price Index (CPI) report once again showed a smaller-than-expected rise in U.S. consumer prices – a strong sign that inflation is cooling. If inflation has peaked, it most likely means that mortgage rates have peaked as well. Hopes are that the Federal Reserve will also slow its rate-hike approach in 2023. They may continue to raise rates to curb inflation, but we are hoping to see interest rates come down this year. We’ll continue to monitor the mortgage market and keep you updated! In the meantime, I can walk your clients through a temporary buydown to save on their rate.

Tax Refund Tips 

Tax season has begun, so advise your clients (with guidance from a tax professional) to use their refund toward getting a new home. Though it’s tempting to spend that money on a well-deserved vacation, those funds can go a long way toward a down payment for a first (or second!) home, reducing closing costs, or paying discount points to lower their interest rate. Your clients can also use the money to pay down high-interest credit cards for a better credit score, which can also help lower their rate.

Schedule a Sit-Down with Me 

Whether your clients are first-time homebuyers simply hoping to learn how to start, past clients ready to buy again, or existing clients who want to get the most from their current mortgage, I’d love to meet them for a simple conversation. For your new buyers, there are many great programs with low or no down payment options and help for down payment and closing costs. If your clients have tried to buy a home before but couldn’t make it happen, I can look at their profile to create a path forward. Loan programs and guidelines are constantly changing, as are your clients’ finances, so they might be in a better place than before. Finally, there have been some beneficial updates to how credit bureaus report medical collections debt – your clients who have found that an obstacle in the past could get a break now. And for your clients who are current homeowners, an annual mortgage checkup is always a great idea – even if they weren’t Atlantic Bay clients the first time. I can make sure they are getting the best rate, look at removing mortgage insurance, or review their tax benefits. Who knows – with the money they save through a refinance, they might work with you to upgrade to a new home or buy a rental property! Please reach out to me with any questions. I look forward to working with you this year!