Mid year predictions from most of the leaders in the real estate community are similar. The remainder of 2023 will be pretty much the status quo. However, they are predicting 2024 will be another 2022. They predict the feds will inch back the interest rates bringing hesitant buyers and investors back to the market. Couple that with in 2022 the average age of a first time home buyer was 36 years old. Guess which largest generation will be in that age range next year. Yes, Millennials are predicted to hit the market in droves at the first sign of rate decreases. If you are in that category or know somebody who is, here are a couple things to prepare you for the market we are about to encounter
1. Know your credit score. You can get a free credit report at:
https://www.annualcreditreport.com/index.action
If you are above 640, great, and continue to pay all bills on time and do not open any new accounts. If you are below a 640 contact one of the lenders listed below. They can help you repair and run scenarios of what actions you take give you the biggest boost in score. Even if you feel like you know you have good credit because your credit card statement tells you so, pull one anyhow. The credit card statement only comes from of the three reporting agencies. There could be a problem on one of the other two that needs to be addressed before applying for a home mortgage.
2. Stock Pile Cash SAVE SAVE SAVE. In a competitive real estate market, cash allows you to write stronger offers. This also allows you to take advantage of the most exciting (MIssouri Side Only) thing I like to discuss with first time buyers.
3. You must consider MHDC.
https://mhdc.com/services/homebuyer-programs/
This organization has tax dollars somebody needs to use, so it might as well be you. Back to why I said "stock pile cash". They have a program in which you get a $2000 tax credit, not deduction, tax credit each year for 10 years as long as you live in the home. That is potentially $20,000 savings. Well worth an online class a little quiz!
There is a specific list of lenders you will need to choose to be able to use this program.
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