If you’ve been itching to step into a new space, you might be ready to start house hunting. And historically, spring has been the ideal time to begin scoping out the “for sale” signs. But recent hikes in interest rates and a national housing shortage are making many second guess a home purchase this year. If you do plan to brave the market, these three home buying tips will increase your chances for success.
Home Buying Tips for a Difficult Housing Market
Navigating a challenging market is tricky, but it’s not impossible to find your way if you have the right tools. When it comes to the housing market, three things will be essential: a reliable realtor, appropriate financing options, and a lot of patience.
Work With a Realtor Who Knows The Area
In a buyer’s market, many people choose to buy a home without a realtor. While this can save you some money, it doesn’t make much sense in a seller’s market.
A local realtor can help in a few ways. To start, they know the local market and can help you set some reasonable expectations. Realtors can also help point you toward new developments or affordable areas where your dollar might go further. Even if you plan to participate in the bidding wars, your realtor can help you find strategic ways to make your offer more appealing.
Prepare Your Financing In Advance
Having your financing fall through at the last minute puts a damper on your housing hunt. To avoid this, you’ll need to have a good handle on your financial situation before you start to look around.
First, double-check your credit and work out an appropriate budget for your down payment. Then, after assessing the different loan options and choosing the best for your financial situation, you can ask for a pre-approval letter. This shows you’re a serious and reliable contender for the home and can help throughout the buying process.
Have Patience
Patience will be your best friend in today’s tumultuous market. Understand that with limited options and lots of buyers looking, it’s normal to lose out on the first few bids. But with the right realtor and enough patience, you’re sure to find your dream home at a reasonable rate.
Let Us Help You Buy Your Dream Home
At DEXSTA Federal Credit Union, we’re here to help our community. For some, that means gaining access to affordable home loans with reasonable interest rates and terms. Our mortgage loan officers help you find the best mortgage option, so you spend less time worrying about money and more time finding your dream home.
Learn more about our home loan options today.