We are currently in a seller's market in the United States. This is because the housing inventory is at historic lows leading to higher prices across the country. As a buyer, you may be discouraged at the current state of the housing market. However, it is entirely possible to land your dream home in 2021. Consider the following tips for purchasing a home in a seller’s market.
Rely on the expertise of an agent.
It can be extremely difficult to navigate through the process of buying a home without having the assistance of an experienced real estate agent. This is especially true in a seller’s market where housing inventory is low. A reputable agent with years of experience can give you a tremendous advantage because of their knowledge surrounding when homes are being listed. With this, they can quickly schedule home showings for you as soon as they are available. Also, when it comes to negotiating an offer, it is almost always in your best interest to have someone to negotiate for you.
Seek the lowest mortgage rate as soon as possible.
Did you know that mortgage rates are currently at historic lows? If you are able to obtain one of these extremely low rates it may offset the inflated prices we have been seeing in recent months. However, in order to qualify for one of these low rates, it may take some work on your part. You may need to raise your credit score by settling overdue accounts, paying off debts, and addressing any mistakes on your credit report.
Get pre-approved prior to your search.
Buyers who are preapproved have a significant advantage over the competition. This is because they are viewed as more serious buyers and less of a risk for sellers. If a seller is faced with multiple offers, they are generally more inclined to accept the offer from a buyer who is preapproved.
