Inventory of available houses continues to be low, and for buyers, that means it's more important than ever to be fully prepared so you don't lose out on the home of your dreams. Steps you can take -- first, set up a consultation with a Realtor knowledgeable in your target area and the current market (like me!).
Second, get a pre-approval from a reputable lender (see the guest posts from mortgage broker Craig Tashijian for more info on this front). While it may seem convenient to fill out an online application that takes only two minutes, this will only provide you with a pre-qualification -- not a true pre-approval -- and this will not set you apart from other buyers in a multiple offer situation. If you've done the groundwork ahead of time, you show buyers you are not only serious but also well qualified. A strong pre-approval from a reputable lender may be the difference between an accepted offer and a rejected offer. Furthermore, make sure your pre-approval is up to date. And keep in mind your long-range goal of finding that special place you can call home -- with rates so low, buying is more affordable than renting in most instances.
Finally, don't put off taking a look at a house that appeals to you. Many homes are accepting offers the first weekend they hit the market.
Once your offer is accepted, expect to wait at least 30-45 days to close on your new home as many lenders are still backed up with loans and refinances.
Helping people find the right house in the right neighborhood is what I love to do -- so give me a call if you have any questions or would like to set up a buyer consultation!
Jessica Clark, Realtor | Keller Williams Realty | Team Suzanne & Co. | 978-985-0123