In this continuing competitive market, it is still a great time to buy a home. Mortgage interest rates remain low, providing homebuyers with a lot of buying power. If interest rates go up, a home’s affordability will change.
The good news is that for several consecutive weeks, the number of new listings is outpacing the number of homes going under contract. Although inventory levels are still low, it’s declining at a slower rate than we’ve seen in a while. Even with this slight slowdown, the market is still strong, with demand exceeding supply.
To help navigate this market, we’ve put together a few tips on how to be a successful buyer.
- Get a real estate professional.
- In this multiple offer environment, you can’t go it alone. A real estate agent knows the market best.
- Be ready to buy.
- Be a buyer, not a shopper. Don’t hesitate and make the strongest offer you can if you see a home you love.
- Have your financing in place.
- You’ll need more than just a lender’s preliminary pre-approval. Make your offer stand out by getting approved with Prosperity Home Mortgage’s Buyer Advantage Program. This loan commitment is as good as a cash offer, without being a cash offer.
- Get an inspection for informational purposes only.
- If you waive the inspection or chose to have one done for informational purposes only, purchase a home warranty so you’ll be protected.
If you’re thinking about buying or selling a home, contact your Long & Foster agent to help achieve your real estate goals in this competitive market.
For more information, visit www.longandfoster.com.