The housing market is continuously on the rise. Last year’s market proved to be a true seller’s market. This year (2022) it appears to be the exact same. Which means, there are more people looking to relocate than homes available. The running price to rent homes range from $1200 per month to $2,000 per month. With rents being as high as mortgages many people are looking deeper into purchasing a home.
HERE IS WHAT YOU NEED TO KNOW
It’s a seller’s market! Simply put there are more people putting in offers on the same homes. In order to be competitive as a buyer you need an agent. A Real Estate agent literally costs you nothing, but their job is to help you find a new home. Your agent will also conduct the financial negotiating for you. However, you need to be financially prepared to bid over the asking price. This seems to be one of the guaranteed ways to get your offer taken seriously.
BE PREPARED
Be prepared by keeping tabs on your credit score and not through credit karma (Rolls eyes). You can open free accounts with all three credit bureaus. Do not! I repeat do not open any new lines of credit while in the process of purchasing a home. For majority of the homes on the market you can’t view them without a preapproval! The last thing you want to do is get an offer accepted, and then no longer meet that credit requirements, because you’ve been applying for credit cards and car notes.
SAVE SAVE SAVE! Save your money. When it comes down to it, you must have seasoned funds. I suggest you put your seasoned funds in an account that you don’t touch. Lenders are notorious when it comes to calling buyers in the process of loan approval to ask why $200 was spent. Purchasing a home is a huge financial decision. As we previously discussed in this market overbidding is a must. Therefore you need to be financially prepared for whatever amount you bid over (it is not paid by your lender), closing costs, home inspection, and appraisal fees.
PACK YOUR PATIENCE
Buying a home is a process, that often heightens or causes anxiety. Just remember that you need to have patience to prevent yourself from making irrational decisions. This process also seems to evoke emotions. Buyers are going through everyday life and trying to decide where they are going to live. It’s a lot. As a buyer try to stay grounded, open minded, and remember that your agent is working for your best interest. So listen, ask questions, and be mindful during the process.
Happy House Hunting!
