In the past year, home sales have been on the rise. While this trend is great for sellers, the high demand has caused inventory to dwindle. Lack of supply creates a difficult market conditions for buyers that are unprepared. Here are some tips to help buyers navigate today’s market more successfully:
- Get your finances in order. Contact a bank or mortgage broker. They can help you determine which financing programs best fit your needs. They will also help you establish what you can afford and what to expect when it comes to closing costs and monthly mortgage payments. It is crucial that you get your credit report to gauge your current financial standing.
- Work with a Realtor! Partner with a Realtor to help guide you through the buying experience and insure that your best interest is represented. A Realtor has the experience to guide you in making important decisions along the way. Most likely, this is one of the biggest purchases of your lifetime!
- Don’t start shopping until you are pre-approved. Nothing is more heartbreaking that falling in love with a home only to find out that you can’t buy it! We strongly recommend that before viewing homes buyers secure a preapproval letter from a lender which states the amount the lender believes you can borrow based on your financial situation.
- Understand current market conditions. Prices and demand can vary greatly from one area to another. Today’s strong market does not always provide buyers with much decision ,making time and negotiating power that it has in recent years. Multiple offers on the same property are becoming more common and days on the market for most listings has decreased. Sitting on the fence often means losing the home to another buyer. The days of low ball offers and and long lists of seller concessions are less common.
The dream of home ownership is alive and well and we are lucky to live in one of the most affordable areas of the country! It is still a great time to buy a home, but you must be prepared to act quickly! We wish you the best of luck in the search for your perfect home. As always, we are here to help you every step of the way! Call Larry or Ann Harral today 918-231-4455 or 918-231-4456!