Revealing Helpful 2017 Home-Buying Tips…
The 2017 spring home-buying season has not only sprung up quickly but also it looks like the spring home-buying season is going to be very competitive for buyers as the shortage of housing inventory remains tight and prices high. The number one regret for buyers is not starting their home search soon enough. And according to some top surveys – those looking to buy a home successfully this year should start the process early.
Here’s a sobering fact for those thinking about buying a home should know. According to Real Estate Market Reports, U.S. home values across the nation are up a little over 7 percent over the past year, and as far as housing inventory goes - there are about three percent fewer homes to choose from than a year ago.
With rising prices and fewer homes on the market – buyers should be prepared for fast-moving sales, concentrated negotiations, and probably even to get into bidding wars with other buyers. If you are considering entering the housing market, it is prudent to become more strategic and knowledgeable about what's happening in your neighborhood. Knowing whether or not you are in a buyer's or a seller's marketplace should help you accomplish your expectations and should provide helpful understanding into what you're going to need to bring to the table so that you close the deal on the home of your dreams.
Here are a few helpful strategies to buy a home in today's vastly competitive market:
Get your financing squared away early. Plan to meet with a qualified lender several months ahead of when you're planning to buy a home. That way you ensure you can make a competitive offer quickly when you find the home of your dreams. In fact, about 80 percent of buyers get pre-approved from a lender before finding a home in which they are interested in placing an offer. So, if you plan on competing with about 80 percent of home buyer’s – be smart and get pre-approved before shopping for homes.
It is very important for buyers to be realistic with your budget. And once you’ve set a budget, it is wise to stick to it. A lot of first-time home buyers make a big mistake by exceeding their budget and in turn, end up regretting it after it’s too late.
Once you have your budget in place and you’ve been pre-approved with a lender it is time to get the extra help you need to be competitive with other would-be home-buyers and find an agent you want on your team. Not only do you want to find an agent that you like you’ll also want to make sure the agent you choose has expertise in fast negotiation, an agent that knows how to leverage escalation clauses and an agent that knows how to win bidding wars. Here’s a sobering fact that demonstrates just how competitive the home buying process has become – about 45 percent of buyers got the first home on which they made an offer.
And when it comes to finding the right agent “communication” is vital. That’s why it is very important that your preferred method – and frequency – of communication fits that of your agent. About a third of all buyers prefer phone calls with their agent while about 20 percent of all buyers prefer emailing and about 15 percent of all buyers prefer texting. So make sure the agent you choose matches up with your communication preference.
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