Consider these facts when shopping for your Happy Home
Ready to make the jump and buy a home? One of the smartest things you can do is educate yourself on the home buying process. Here are four facts about today’s housing market that can help you.
The seller tends to have more power
Less housing inventory means the seller tends to have more control, so you’ll have to learn to negotiate smarter.
Here’s a quick list of pro-negotiating tips:
- Find out why the seller is moving.
- Ask a Loanologist (Licensed Mortgage Loan Originator) for a pre-approval letter or pre-qualification letter.
- Write a letter to the seller explaining why you would love to buy their home.
- Ask for repairs or concessions. You may not get them all, but it doesn’t hurt to ask.
Home options are limited
As we said, home inventory is low right now, but don’t let that discourage you. What’s your ideal home? What can you live with? Or without? When you begin the journey to find a house, write down a list of features you want in a home in order of priority and remember, no house is going to be perfect.
Housing demand is high
Homeownership is on the rise and young buyers are leading the way. As a first-time home buyer, your best strategy is to do your research, educate yourself and when you do find the best home for you, move fast. Don’t wait!
You don’t need to put 20% down
It’s a myth that you need to put 20% down. In fact, it’s one of the biggest barriers to homeownership. If you do your research, you’ll find there are options out there that allow as little as 3% down payment. When you do find the home you want, talk to a Loanologist (Licensed Mortgage Loan Originator). They can find the option that best fits your need and budget.