How To Think Strategically as a Buyer in Today's Market In CT

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

How To Think Strategically as a Buyer in Today’s Market In CT

How To Think Strategically as a Buyer in Today’s Market | MyKCM

The game of chess can provide incredible lessons to apply to all aspects of life, including the homebuying process. Chess requires you to plan and think about your strategy from the very beginning of the game.

The homebuying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search.

Pre-Approval: the Best Opening Play To Make as a Homebuyer

It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step, but what exactly is pre-approval and what benefits does it provide you?

As Freddie Mac puts it:

“The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan guarantee, it simply states how much your lender is willing to lend you. . . .”

And while determining how much you can afford at the start of your search is critical, the pre-approval letter also serves another important purpose. Freddie Mac also notes:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

In the game of chess, a strong opening move signals to your opponent that you’re a serious competitor. As a homebuyer, your pre-approval letter signals to the seller that you’re a serious, interested buyer.

Homebuying: It’s a Team Game, Not a Single-Player Experience

Every step you take to create your strategy as a buyer is important in today’s market. Why? Mortgage rates are still low, but increasing. Prices are going up. There’s a limited supply of homes for sale. These are just a few key variables in today’s market you need to be prepared for.

That means leaning on expert guidance as you plan every move is more important than ever. Have a team of professionals – like your trusted real estate agent and a loan officer – every step of the way to make sure you make the right moves.

Bottom Line

Getting a pre-approval letter isn’t just good strategy, it can be game-changing. It allows you to get a full understanding of what you can afford, and it signals to sellers that you’re serious. Let’s connect today to ensure you’re playing chess and being strategic during the home buying process.

Comments (3)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dave purchasing or selling a home is not as easy as it sounds.  There is a process, and those who deviate from that process, quickly find out why there is a process.

Dec 16, 2021 03:29 PM
Paddy Deighan MBA JD PhD
http://irstaxdebt.pro - Vail, CO
Paddy Deighan J.D. Ph.D

I liked George's comments and I agree with them....buyers ( and sellers for that matter) forget that there are steps to be taken and the buyers are an integral part of those steps

Dec 16, 2021 07:40 PM
Richard Woodward NMLS#217454
Nexa Mortgage, NMLS #1660690 - Plano, TX
Service Beyond Expectations! Your Texas Lender

I completely agree.  My pre-approvals come with a certification that all the borrowers information has been collected and reviewed, closing is only subject to appraisal, title, and survey.  I will also call, text, and send a video to the listing agent to assure them the buyer can close on the property in as little as 15 day.

Dec 17, 2021 07:25 AM