Do You want to buy a house? By the way, What’s a Seller’s Market?
B
uying a home in a seller’s housing market can be tough, but not impossible. A seller’s market is when the current amount of available homes for sale is less than the current number of buyers looking to buy. It’s the supply and demand equation that is always in play. Buyers that are making offers and not winning the bid are feeling discouraged. Here are some things buyers are doing with their offers to be noticed and hopefully accepted. To start with - Get qualified with your loan officer.
Check your credit score. Credit history and your current score could determine how you stack up against other buyers, and you’ll want to ensure that you’re getting the best mortgage package to fulfill your home purchase. Have a conversation with your loan officer about the purchase process on the loan side of the transaction to be aware of the money that’s going to be needed. This will help prevent surprises before or at the closing. Research home purchasing methods that best fit your needs. There are many different approaches to buying today. Research your options to understand what method is the best fit for your unique circumstances. For example, a traditional real estate brokerage firm will have you work directly with a licensed real estate professional, and is the most traditional option in home buying. Real estate professionals are instrumental to measure your needs and leverage market knowledge to better inform an offer. But not all real estate professionals are created equal. Interview at least three, check references and analyze how they’ve done with recent purchases. You could also start with an online real estate platform, an option rising in popularity. Online real estate platforms offer a simple, flexible home shopping experience. You can match your objectives with market and neighborhood insights, view options nationwide and match with a quality real estate professional who will provide you with the best options for buying, all without leaving your home. For the busy buyer or “do-it-yourselfer,” this option is effective and secure. Make a budget. Purchasing a home is an expensive undertaking and you’ll need to map out your entire budget well before you consider moving toward buying a home. Mortgage brokers and lenders can be a big help in mapping out unexpected costs and determining what your closing costs could look like. Factor unexpected costs into your budget. You may have to spend more on closing costs than initially anticipated. Expenses like inspection fees, lawyer fees and even your first home insurance payment could be more than you expected. It’s important to set aside more than you might at the beginning of your home buying journey to ensure you’re able to cover the costs of appraisals, taxes, title insurance and more. Closing costs are usually between 3% and 5% of the total purchase price of a home. With so many other hungry buyers seeking homes, consider the following options to make your offer as attractive as possible: Leverage cash if you can. If you’re able to purchase a home with an allcash offer, it’s recommended to do so. Cash offers are sellers’ dream offers as they allow the home buying process to move far quicker than a traditional mortgage lender. There are many companies who will turn
Our Town
New Let U Applying for a mortgage or refinancing your existing mortgage has never been easier or more affordable with rates at historic lows. We specialize in personalized service, closings at your convenience, complete product offerings with flexible terms and low rates and fees.
Get www.CUofGA.org
you into a cash buyer by buying the home for you. These services can level the playing field against other well-qualified cash buyers. Make a personal case for your offer. It doesn’t hurt to reach out to sellers in a letter expressing your interest in their home and showcasing your passion in maintaining their home. Sometimes the personal touch can make all the difference. Lots of buyers will include a nice picture of themselves. Consider covering all the seller’s closing costs. Seller closing costs consist of various fees ranging from the HOA fees and/or title insurance. Buyers today are often covering both the buy- and sell-side closing costs to entice sellers. If there are other hidden fees you can cover for your prospective seller – such as home repairs – this may give you another edge. Consider offering more than the asking price & waiving the Appraisal contingency. Depending on the market, some homes are selling for well over asking price. You may need to offer more than the list price in order to win in the most competitive markets. Purchasing a home in today’s market is a challenging, impactful decision. After all, it’s the biggest purchase most people will ever make. But there are ways to make the process as smooth as possible. Consider options when purchasing a home and don’t put off the small things, as even the slightest discrepancy could impact your experience. As always, consult with your local real estate agent! An experienced real estate agent will help you find the perfect place for you! An experienced Real Estate agent will get you to the closing table. Make sure to visit Deb on the Web for more information. Deborah Ratchford - Top Producing Realtor with Proven Results!!! Keller Williams Realty Cityside Debratchford@kw.com 678-570-4779
PAGE 29
