The Pros and Cons of Buying in 2023

Are you wondering if 2023 is the right time for you to buy a home? I am going to outline the pros and cons of buying in the Greater Portland Maine area right now. Have questions? Click here to get in touch.

Pro #1 - Right now we are seeing fewer offers on properties. Buyers are not going as far over asking price as they were last year. Much of this is due to interest rates.

Pro #2 - Inspections are back!

Pro #3 - Sellers are more willing to negotiate with buyers right now on price and with inspections. This is good news for Maine buyers.

Pro #4 - Get ahead of the market! There is not a lot of inventory and quite a few buyers. Start your search early to get ahead of competition as interest rates continue to improve.

Con #1 - Interest rates have been fluctuating. They have improved but we expect them to continue to fluctuate for the first half of 2023.

Con #2 - Low inventory. We have very minimal inventory which makes for a very competitive situation. Bring lots of patience with you into your home search. Also be sure you have someone advising you on what you can afford so you are set up well for a successful home search.