3 Reasons to Buy a House in 2023

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Making the choice to buy a home is a big decision. You want to ensure you're doing it at the right time. But, how do you know when that is? Here are three big reasons why you might want to move forward this year with the purchase of a property of your own.

1. Home prices may fall

Home prices skyrocketed during the early stages of the COVID-19 pandemic. This was due to high demand caused by low mortgage rates and due to limited supply, as many sellers were reluctant to put their properties on the market.

But, many experts are predicting home prices will fall this year. In fact, Moody's Analytics predicts around a 5% drop in prices. Fears of a possible recession and of high mortgage rates could cause demand to drop and prices to plummet.

If prices fall, you should be able to get a good deal on a home of your own. Since it can be hard to predict exactly how the housing market will do in the long term, taking advantage of a temporary downturn in prices could be an opportunity worth seizing.