Home Buyer Tips In A Sellers Market
Right now we are in the epitome of a sellers market. Home buyer demand has been high for a couple of years thanks to mortgage rates that have been at or near historic lows. Meanwhile, the number of available homes for sale has remained incredibly limited, which is giving sellers all of the leverage in today’s market. While sellers are on top, that will not always be the case. There are many people out there who want to stop renting and start becoming a homeowner, but do not know how to prepare for today’s market conditions. Shawn Hendricks Jr., Senior Loan Officer with Peoples Choice Mortgage is here to help first-time home buyers prepare for buying a house in a sellers market. Shawn will tell you how you can set yourself up to buy a house in even the toughest sellers market. More importantly, he will help you set yourself up long-term so that you are ready for when the market turns.
Mortgage Brokers Help Long-Term Planning for Home Buyers
Buying a house in a sellers market takes preparation and planning. The home buying process is complicated all on its own without adding in a sellers market and stiff competition from other home buyers. That is why it is always best to give yourself as much time as possible to plan for buying a house. Rather than waiting until the very last moment to set up your professional team, consider doing this the moment you think you want to buy a house, and not the moment you’re ready to buy a house. You want to have all of your ducks in a row long before you are actually ready to buy a house. Few things are worse than finding the home of your dreams, but having the sale fall through because the financing unravels. For all home buyers, but especially first-time home buyers, time is your friend and a lack of time is your enemy. It is best to plan accordingly.
Contacting a mortgage broker long before you are ready to buy might seem counterintuitive, but it makes the most sense for the best interests of the client. Meeting with a mortgage broker early in your home buying process will allow you to set yourself up for success. Getting a complimentary, no-obligation mortgage qualifier will help you determine what range of home loan products and mortgage lenders are currently available to you. If you need to improve your financial standing to qualify for a lender or home loan product that is currently out of reach, you can come up with a plan to accomplish this with your mortgage broker. Doing this early will allow you to be absolutely ready and confident with your mortgage options when you are ready to find and close on the house of your dreams.
See What You Need to Buy a House
If you want to buy a house, but do not know where to get started, contact us. Like Shawn said, lenders are going to ask for a lot of information from the time to you get pre-qualified for a mortgage to the time when you close on your house. Rather than guessing what that information you need, work with someone who knows. If you want to work with a professional mortgage broker who will prepare you for the home buying process months before you are ready to buy, then contact us. For many first-time home buyers, buying a house is the biggest purchase you will have made and a mortgage will be the largest line of credit you have ever taken out. Mortgage brokers like Shawn Hendricks Jr. and the team at Peoples Choice Mortgage will educate you about the entire process, and do everything they can to make it simple and enjoyable for you.
