With home prices soaring and the number of houses for sale dwindling, it’s safe to say we’re currently in a seller’s market. But that doesn’t mean you can’t buy a home during this time.
Those in the market for a new home are probably aware of the elevated home prices. While we first started really paying attention to this price increase during the pandemic last year, prices have actually been rising for more than four years!
If you’re looking to make a move, you’ll simply want to prepare yourself to overcome some challenges unique to this type of market. Our Journey Home Lending team wants to offer some tips.
Know What You Can Afford
This is important at any time when you’re buying a home, but it’s even more important now. Talk with our team of experts at Journey Home Lending to get pre-approved for a mortgage and gain insight into what you can afford.
The last thing you want to do is fall in love with a house that ends up being outside your capabilities.
If You Love It, Don’t Go in Low
While you might be able to score a bargain at different times, these days, if you try and go in low and then increase your offer, you’ll probably lose out.
Talk with your agent about the home’s listed sale price and other factors—and go in prepared to land it.
Don’t Wait Too Long
Are you someone who always thinks through every possible scenario about a big (or even small) purchase? Now’s not the time for lingering in the decision-making process.
While impulse buying isn’t a good idea, if you know what you’re looking for, it’s important to move quickly and not second-guess yourself.
Be Prepared to Bid
You know that you need to go in with a good offer, but there’s also the possibility that you may get into a bidding war with other potential buyers. That’s especially the case in the current climate, with more potential buyers than there are homes for sale.
Know what your max offer can be going in and keep that in mind as you make your initial offer.
If you’re ready to take the plunge into homeownership, let the experts at Journey Home Lending help you find the financing that’s right for you. Call us today to get started! We hope you now better understand ” How To Buy a Home in a Seller’s Market!
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