The housing market has seen a busy spring and we’re heading into an even busier summer. Homes are selling quickly and conditions are favorable for both homebuyers as well as home sellers. Mortgage interest rates remain low which has been an incentive for many potential homebuyers to enter the market. Home prices are rising which is encouraging more homeowners to list their homes.
Overcoming Low Inventory
Even as home inventory is rising, the number of homes available for sale remains low. The homes that are listed ‘for sale’ are going fast so don’t hesitate to schedule a home showing with your real estate agent as soon as any of interest become available. Don’t let the threat of low inventory discourage you from entering the market. Home prices are rising which is encouraging new construction and is also encouraging more homeowners to sell. Working with an experienced agent will help you overcome low inventory by finding you the right home.
Overcoming Multiple Offers
With such high demand for real estate you should be prepared for multiple offer situations. In these situations you want to make your best offer right from the start. Other conditions can make your offer more favorable such as being flexible with your time frames, increase your earnest money, and ask for minimal to no concessions. You could also include an escalation clause which states that you are willing to go above any offer up to a certain amount.
Overcoming Budget Constraints
It is important to stay focused when you are on the house hunt. Get pre-approved for a mortgage loan so you will know exactly what you qualify for and how much home you can afford. Avoid touring homes that are over your budget as it will only leave you feeling disappointed. Stick to your budget to avoid house hunt heartbreak.
Stay positive in your house hunt and expect to see a lot of homes. The more you see the more you will learn and it will help you be able to compromise and truly realize what you want and what you need in a home. Work closely with a realtor and loan officer during this process to ensure you are putting your best foot forward.