BUYING IN TODAYS MARKET.
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HOW IS THE MARKET?
When purchasing, it’s important to feel confident about your investment. We all want a home that will increase in value over time. Home prices have been on the rise over the last 8 years and are forecasted to continue going up, meaning your investment is a sound one. It also means purchasing a home before prices continue to climb might be your best move.
Today, Americans are purchasing homes for many different reasons. The current health crisis has truly re-shaped our lifestyles and needs, requiring many of us to think more about what we truly want in a home. Spending extra time where we currently live is enabling many people to re-evaluate what homeownership means and what they find most important in a home.
Buying a home versus renting may be a game-changer, as it can produce long-term savings for homeowners. When paying a mortgage, unlike paying rent, that money is reinvested back in your favor. Instead of contributing to your landlord’s savings, you’re contributing to your own net worth in the form of equity.
HOME BUYING TIPS.
1. SOLID PLANNING
For most, purchasing a home is one of the biggest financial decisions they will ever make so having a solid plan to purchase will save you a lot of time and heartache. Make sure to get everyone involved in the planning process that will be affected by the purchase. That means husband, wife, kids and pets should all be on the same page about what they want from their next home and what it takes to get it.
2. FIND A GOOD AGENT
You want an agent that is going to listen to your goals and use their expertise to tailor a solution that best fits you. Some good qualities to look for in an agent in todays market are diligence, persistence and proactiveness.
3. GET PRE-APPROVED
A pre-approval shows how serious you are as a buyer. Today, we are seeing many multiple offer situations. Sellers are having to choose who they think may be the most qualified buyer that will get them to the closing table. A pre-approval will prove that you are ready, willing and able to buy.
4. SUBMIT A STRONG OFFER
Remember, inventory is low and there aren’t many homes to choose from. Many sellers are having to make decisions between multiple offers on their property. You will want to get with your agent and find out what strategies they have to make your offer stand out above the noise.
5. QUALITY HOME INSPECTION
Paying for a qualified home inspection before you buy a home isn't just spending "a little extra" for peace of mind; it's absolutely important for anyone who doesn't want to spend thousands of dollars for repairs.
6. HOME PROTECTION PLANS
To protect both you as a buyer, as well as the seller, it is a good idea to purchase a home protection plan. A home warranty, or home protection plan, is a service contract, normally for one year, which protects homeowners against the cost of unexpected repairs or replacement of their major systems and appliances that break down due to normal wear and tear.
FAQs.
How is the market?
This is a market that you do NOT want to miss! It’s both a great time for buyers and sellers. Buyers are benefiting from historically low interest rates and sellers are benefiting from low inventory and rising home prices.
How important is a pre-approval?
It depends.. How badly do you want your next home? The most important thing to most sellers is getting to close. A pre-approval shows the seriousness of a buyer and confirms that they are qualified to purchase the property.
Is now a good time to buy?
There has never been a better time to be a home owner than today. Home buyers are benefiting from record low interest rates. Home prices are projected to continue rising through 2021 making RIGHT NOW the best time to purchase.
How much do I need for a downpayment?
It all depends on your financial situation and your goals for your next home. Don’t believe most of the downpayment myths out there and get with a lender. A good lender will have a financial solution that will fit your personal goals.
Will mortgage rates remain low?
While there are always risks, mortgage rates are projected to stay low as the U.S. economy recovers from COVID-19 fallout. Today’s rates are about as low as they’ve ever been and it’s a great time to lock.
Is buying a home a good financial move?
Buying a home versus renting one may be a game-changer, as it amplifies long-term savings for homeowners. When paying a mortgage, as opposed to paying rent, that money is reinvested back in your favor in the form of equity.