As multiple offers become the “norm” in today’s low inventory housing market, it’s more important than ever to be the “most attractive homebuyer,” as a recent article in Fox Business News explains. Plan ahead, do your homework, and know that cash is king. Putting 20 percent or more down will make a difference, especially if there are issues with the mortgage process or a lower-than-expected appraisal. If a buyer can contribute more cash to cover the difference between the appraisal and the offer price, he most likely will be the new homeowner.
Getting prequalified by your lender will also make you a more attractive homebuyer. With a preapproval letter in hand, you are in the same ballpark to compete with an all cash buyer. This market also favors buyers who come to the table with fewer contingencies. An offer contingent on selling your house will definitely make you a less appealing homebuyer, so let’s get your house sold first and then you’ll be ready to buy!
The critical lack of home inventory right now is making it a seller’s market. If you’ve been considering a move, now is a great time to do it. I’d be happy to provide you with information to help you benefit from our current situation, and stand out as the most attractive homebuyer.
It is an exciting time in real estate. Multiple offers are coming in on non-distressed homes in local neighborhoods, especially those listed in low to moderate price points, and home prices are steadily inching their way up.
We're seeing national forecasts play out in our local market. Limited inventory is boosting home prices, as the National Association of Realtors (NAR) confirms, while buying power remains high from our historically low prices and lending rates. As NAR President Moe Veissi says, "Pricing homes at the right level is key. Fully one-third of homes purchased in July were on the market for less than a month, and only 21% were on the market for six months or longer.”
Now is a great time to act if you've been thinking about selling your home. To learn more about how you can take advantage of our current market, please call. I'd be happy to offer my suggestions.