The Market is Getting More Competitive for Homebuyers - Take These 4 Points
This real estate environment may give you a bit of anxiety. You might wonder how you can compete in this new real estate world. It is certainly something important to think about at the present moment.
The following is an overview of the present real estate environment and how you can navigate it without issues.The Housing Booms Keeps Going
Redfin, a real estate listing platform, noted a few intriguing points. Here are a few of these points:
- The average home sale price is now over $350,000.
Asking prices are higher by over 9%.
Most houses were sold within two weeks of going on the market.
The number of active listings declined by over 20%.
Remember to Get Pre-Approvals for a Mortgage
The key point is to move decisively and as quickly as possible in a booming real estate environment. Sellers will realize that you are genuinely interested in purchasing the home if you have a mortgage pre-approval.
Remember to connect with several lenders and talk about your financing options. These lenders will ask you for the right information. They will assess this information and then provide a pre-approval letter. This letter indicates that you have done the due diligence on behalf of the seller. It shows that you are a viable candidate.
Sellers will know that pre-approvals do not mean that you have a loan in hand but it does show that you can likely get one.
Increase Your Buying Radius
If possible, remember to have several general areas in mind. This broader category allows you to take advantage of more options. If you find that there is much more competition in one part of the metropolis, merely move to the other.
Have a Little Earnest Money
The point of earnest money is to show that you are serious about the deal. If you provide earnest money, the seller will remove the listing. Earnest money provides more security to the seller. You will obtain the earnest money right after the deal is closed.
Be Clear about your Criteria
The problem is that most people do not know what they want. You will find that you are ahead of the pack by being clear. What do you want? Do you need a two story home or a one story? What are some aspects that you cannot live without in your new home? Answer these questions and you will be well on your way.
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