Conditions are ideal for home buyers in today’s real estate market and mortgage rates remain low. Also, new construction is up – giving buyers even more choices. Conditions are also improving for sellers, prices are rising and inventory is low. Existing homes are on the market for a shorter period of time.
Buyers – Nab the lowest rates and if you want it, buy it. Get pre-qualified by your lender. Demand is outstripping supply, so you have to be in a position to make a decision quickly. Refrain from making big capital purchases like a new car, opening new credit cards or amassing big chunks of other new debt before buying a home. These raise your debt-to-income ratio, which lenders examine to determine the mortgage amount you can afford.
Tip: When touring properties, buyers can benefit by keeping a pro-and-con checklist of each home they visit – otherwise the features of homes tend to blend together.
Sellers – Price your home right the first time. Pricing your home appropriately from the beginning is critical to getting it sold quickly and at the best price. If you price your home too high, some potential buyers won’t want to look at it at all, while others will simply walk away without making an offer.
Tip: The longer a home stays on the market, the deeper the discount is likely to be off the original price. Make small improvements, little touches go a long way in the buyer’s eye.
If you know someone who is thinking about moving, let us help guide them through the entire buying and/or selling process.