Home Buying Tips for Today’s Unique Housing Market
To say the home-buying market has been a roller coaster the last year or so is an understatement. While the buyer’s market has a lot less competition today than pandemic-era heights, the overall housing shortage and mortgage interest rate situation persists and presents unique challenges.
Spring is traditionally the busiest time of the year for home sales. Consider the following home buying tips for today’s unique market.
- Be prepared to jump on a home if it meets your needs and budget. While there may be fewer competing buyers out there these days, there just aren’t that many homes for sale as compared to previous years. Help yourself by keeping a narrowed-down list of potential home locations/neighborhoods and look into getting preapproved for a mortgage.This could help you move quickly when you do find the right home.
- Don’t overlook potential fixer-uppers. With the limited amount of existing homes on the market, buyers may want to look into a fixer-upper. Of course, you have to balance this with your ability to do whatever kinds of work are necessary to improve the home, but if you have a knack for it, a fixer-upper might work.
- If you have the time (and lots of patience), check out builders in your area. You have a better shot of getting exactly what you want without having to outbid another buyer. Just be aware that labor and supply shortages are still causing delays in some areas.
- Only work with a trusted lender. You want a lender that looks at you as more than a transaction, but a person (possibly with a family) making an important decision and investment. Kelly Community offers mortgage loan professionals who will take the time and interest to visit with you and help determine the best mortgage options for your goals and budget.
Buying a home is a terrific opportunity to build equity and establish long-term residency and stability for you and your family. For more information, please reach out to us anytime and check out our online loan application.