Are you thinking about buying a home? Congratulations!
You might have heard that many areas are in a “seller's market." A seller's market means that there's a high demand for homes yet a limited inventory. This is great for sellers, but if you're buying, you'll likely face more competition from other house hunters.
Just because it's a seller's market doesn't mean it's not a good time to buy. It simply means that there are a few factors you should keep in mind when searching for your next home.
Take a look at these tips to help you navigate home buying in a seller's market:
Get pre-approved before house hunting
In a seller's market, things move quickly. Sometimes, homes are sold in just one day! If you're serious about buying a home, consider getting pre-approved for a mortgage loan before you start house hunting. Getting pre-approved involves filling out a mortgage application and discussing your home buying plans and mortgage options with your lender. The lender will review your income, credit history and other financial information to determine how much money you can borrow for a home. Once a lender has pre-approved you for a mortgage, you'll get a pre-approval letter as proof you can afford to buy a home at a certain price.
Sellers want to know that potential homebuyers are qualified and ready to buy. When you submit an offer with a pre-approval letter, you'll stand out from other buyers. You'll also help give the seller peace of mind that the transaction will go quickly and smoothly.
Be flexible and patient
Buying a home in a seller's market requires a lot of flexibility when it comes to house hunting. It's important to have an open mind, an open schedule and be willing to look at a variety of different homes, even if they don't check every box on your wishlist. If you have your heart set on a certain neighborhood, start your search early and be patient. When the right home hits the market, you'll be ready to act fast!
Don't go it alone
Buying a home can be overwhelming at times, especially in a hot market. But remember, you don't have to do everything on your own.
At Wright-Patt Credit Union, our friendly and knowledgeable Mortgage Loan Originators are here to help you save money and help you make the best decisions for your situation. We can also help connect you with local realtors who can help you find your next home and help with the sale of your current home.
When you're ready to meet with a Mortgage Loan Originator, visit your nearest Member Center or connect with a Mortgage Loan Originator directly.