Thinking about buying a home this spring? Here’s a few things you should know going into it.
Low inventory – Home inventory is low and is continuing to drop, meaning it’s more competitive now than before to find a home. According to Trulia, those most affected by the low inventory surge are first-time homebuyers. First-time homebuyers just don’t have the advantage of the “trade-up” market, however a little extra effort in searching for a home can go a long way.
They’re going fast – Homes are selling fast. Blink-and-you’ll-miss-it fast. Be knowledgeable, flexible, and prepared to act!
Consumer confidences are rising – Rising interest rates coincide with a high consumer confidence level, renewed confidence in the job market, which Trulia says are the strongest they’ve been in 15 years. This gives way to investments and, you guessed it – home buying!
Get prequalified – like now. Earlier this week we talked about key elements that play into your buying power. In a hot market, knowing your budget and what you are prequalified for means being ready to move fast when the right house comes along. Contact your SMC Mortgage Banker to find out if you prequalify today!