Congratulations! You’re starting your home buying journey—or you’re about to. During this process, there are a few ways that you can leverage your resources to find your new place. These pieces of advice for home buyers in today’s market can make all the difference. Please keep in mind that these are just suggestions—not things that you necessarily have to do to make your home buying journey a success!
Obtain your pre-approval letter ASAP.
You don’t want to add any extra obstacles between you and your new home. Obtaining your mortgage preapproval letter should be step one.
Consider shopping around for more than one preapproval.
Don’t worry—you’re not bound to your first preapproval letter from a lender. While time does matter in this seller’s market, you may consider shopping around for more than one lender to compare loan costs and program options. Your Realtor should also be able to recommend a lender.
Look lower, because prices may go high.
It can be daunting looking at the homes on the market—especially if you don’t know the pricing trends. As buyers keep outbidding each other in this fast-paced market, the price a home is listed for may not reflect its final price. You can set more realistic expectations by looking at homes $5,000 or $10,000 below what you can afford with the expectation that bidding will drive the price higher.
Budget for a longer timeline.
Another one of the most important pieces of advice for home buyers in today’s market involves the timeline. Because of the competitive market, you may be up against many highly-motivated, qualified buyers. That doesn’t mean you won’t find your home. It just means you may need to expect to extend your home search timeline.
Because of low inventory and high demand, you may not have a moment to delay. Act fast if you see a home you love!
Contact the Lee County Association of Realtors.
If these pieces of advice for home buyers in today’s market have you motivated to start looking, we can’t wait to work with you. And, if you have any questions or concerns along the way, we can help with those too.