As the Market Continues to Evolve, Check Out Some Home Buying Tips.
It’s been a seller’s market for a couple years now, which meant a competitive place for a home buyer to be. But as the market continues to change, there are new approaches that a buyer can take when trying to purchase a home. We have laid out some home buying tips to help you along the way.
Home Buying Tip #1 – Make Sure You’re Ready to Buy a Home
As simple as this statement sounds, it’s a serious question you need to ask yourself. Am I ready to buy a home in this market? Because it’s a loaded question. It could come with some stress, heartache and frustration. Any home buying process in any kind of market can warrant those feelings, but in a competitive market, it can really elevate those emotions.
With the right real estate agent, much of the stress should be taken off your shoulders, but there’s no guarantee that the kind of home you’re looking for will be available with the still record low inventory. So when you do find the right home, there could be a lot of competitive offers you’ll be up against. Make sure your realtor is well-respected with strong negotiating skills!
Home Buying Tip #2 – Work With the Right Mortgage Lender
It’s so important to utilize a lender that knows the area you’re buying in, is quick to respond to your questions and is easy to work with in general. Your realtor will always have a preferred lender in mind that they know you can count on.
They’ll make sure you’re on the right track for the correct loan for your situation. Feel free to shop around for the best rates between lenders, too! Although a lower rate with a difficult lender may not feel worth the .5% savings – so make sure you are asking good questions and feel confident that your lender is on top of all the market swings and changes.
At Dani Beyer Real Estate, we’ll always recommend Meggan McDonald with Supreme Lending. With over 20 years of experience, Meggan and her team are dedicated to delivering exceptional service with some of the fastest turn times in the industry.
Home Buying Tip #3 – Know How Mortgage Rates Affect Your Buying Power
Contrary to two years ago when mortgage rates were at an all-time low, the rates are now climbing up up up. So it’s important to know how those rates affect your home buying power.
The chart below provided by Keeping Matters Current and Mortgagecalculator.net give a great visual on how even a small change in loan rates can affect your monthly mortgage rate. If rates go up, you could exceed your budget unless you start pursuing a lower home amount. If they happen to go back down, that opens a new window of home prices you’ll be able to pursue.
There you have it – the combination of being fully invested in the home buying journey, having the right lender on your side and being aware of how mortgage rates affect your budget will give you a great leg up on your competitors during this still wild housing market!
At Dani Beyer Real Estate, we are so happy to be your resource, confidant, friend, advocate, you name it, during your home buying journey. We have a strong team of buyer’s agents ready to start working for you.