As mortgage rates rise, the home buying market remains hot, highly competitive, and inventory tensions continue to affect home prices.
Despite these challenges, if you’re looking for a new home, it’s time to act as prices and prices may continue to rise until at least the end of 2022. And if you wait, you will pay more for the same house later than now.
Finding the house you want isn’t easy, but it’s not impossible.
Here are the steps to get you in the best position to find and buy a new home.
Find the right real estate agent for you
Even the most experienced homebuyers need to use realtors in this market to narrow down their search and keep track of new available properties. Even if the popular home search websites and apps are readily available, realtors who are familiar with the buying area and have a wide range of contacts and relationships can be invaluable in searching.
What’s more, realtors can manage the juggling of multiple home offers. This is the approach that should be taken if the bidding war continues.
Find the right lender
Many realtors have a roster of mortgage lenders that they usually refer clients to, and that’s a great resource to have. However, a recent WSFS mortgage survey found that 22% of potential homebuyers in the Greater Philadelphia and Delaware regions ranked realtors as a top priority for connecting with lenders. Not too much.
This reflects the importance of casting a wider net to find the lenders whose mortgage options, including the first-time homebuyer program, best suit your needs. We need to look for complete transparency from lenders, including our commitment to all upfront costs, which 60% of survey respondents cited as a top priority.
Almost half (46%) of those surveyed are confident that they can get the mortgage they need when they need it, and even more (52%) follow the steps to find the right home in today’s market. I feel I know.
These steps include all your finances to work with your lenders to ensure the highest possible rates, pre-approved amounts, and realistic maximum spending if you are competing for a home. You need to make sure it is done. ..
Take a closer look at wants and needs
In this highly competitive environment, virtually everything has changed from the pre-pandemic home buying market.
Pandemics have motivated many to remodel or upgrade their homes for more space, but inflation has joined forces with rising home prices to make these options even more difficult. rice field.
Many companies operating remotely during the pandemic are now returning to varying degrees of home and office work environments.
This change could open up new possibilities for homebuyers who have some flexibility in what they want in their home. Almost half of the potential homebuyers surveyed have a top priority to buy a occupant home and may leave homes that require a little TLC, but not necessarily a complete remodeling, sleeves. It is available to buyers who roll up or take patients. An approach to remodeling a new home as they wish.
By taking these steps, the entire home buying team is ready to hold your back, become the most attractive buyer possible, and be ready to act quickly on your behalf. Know and be confident in bidding on your home.
Jeffrey M. Ruben, President of WSFS Mortgage, joined WSFS in August 2013 with the acquisition of full-service mortgage banking organizations Array Financial and Arrow Land Transfer. Financial and legal institutions.
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