Are you planning to buy a home this year? If you are, then you should be aware you’re in a seller’s housing market with the inventory at record lows, demands surging, and prices on the rise. Because of this, buying a home in today’s market can be a challenge. The good news is, there are ways to do it.
Sure, you might be shopping for a home in a seller’s market. However, it’s still possible to find an affordable home. You only need the right tips, such as:
Qualify for the Lowest Mortgage Rate
Low mortgages can help offset rising prices. Therefore, you need to ensure you’re getting the best rates possible. An effective way to do this is to take time to boost your credit score by paying your debts, settling overdue accounts, and alerting credit bureaus of any errors on your credit report. It is also helpful to save up a larger-sized downpayment.
Get a Pre-Approval
Before you begin your home search, it’s a good idea to get a pre-approval from your lender first. In this type of market, getting pre-approved is non-negotiable. Why? This can give you an idea of the price range you can work with, and it will make sellers more likely to go for your offer. Pre-approved buyers stand out because it shows the buyer is prepared and ready to buy.
Work With a Professional
Having a good real estate agent by your side will give you the upper hand in this type of real estate market. Your agent can help speed up the search and notify you when a suitable property hits the market. Moreover, your agent can schedule day tours, or they may even do the tours on your behalf. With their experience and negotiation skills, you can submit more competitive offers when you find a house that you want.
Consider Buying Outside a Seller’s Housing Market
A lot of experts predict that things will be easier by the end of 2021, specifically when more people are vaccinated. In turn, this will have more on-the-fence sellers to list their homes, which will boost inventory and reduce home prices.
If you really want to get a home in this environment, make an effort to impress sellers. Stand out by having an offer letter and a personal appeal to the sellers. Also, it would help to waive a contingency, along with a bigger earnest money deposit. You can also consider being more flexible with your closing date.
Buying a home during these challenging times sure is difficult, but it is possible, especially with the right guidance. You can use these tips to help you prepare to buy a home in today’s real estate environment.
Get pre-approved, improve your credit score, go for the lowest mortgage, and make sure you work with a professional to help you navigate the process. Doing all of these things can significantly impact your journey to snag your dream home, despite this turbulent time in the real estate industry.
Are you ready to find your dream house today? Find the best real estate agent first! The Blake Hayden Group in Owensboro, KY, can help guide you through the process. Our agents have comprehensive knowledge that will provide you with first-class service. Contact us today!