You've heard the term "Seller's Market" but what does it mean? When the number of potential buyers exceeds the number of homes being sold, it's a seller's market. This tips the advantage toward the seller. Low inventory stirs up competition, can create multiple offer scenarios and could make it tough for buyers to find their dream home.
UNLESS THEY STAND OUT FROM THE CROWD....
What's the best way to make your offer stand apart from the others that seller will see? PRE-APPROVAL
Low number of homes on the market (inventory) means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. It shows the seller that you're ready, willing and able to make the offer and that you have the backing to follow through! In fact, in today's housing market, it's often required that REALTORS submit the pre-approval letter with the offer.
Freddie Mac sets out the advantages of pre-approval in the My Home section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
As your local real estate expert, I have relationships with lenders who can help you through this process. Once you select a lender, you’ll need to fill out their loan application and provide them with important documentation regarding your debt, credit history, wages, etc. But I promise, it's not as daunting as it seems! Most lenders today have apps that allow you to upload your documents by taking a picture with your phone!
Give me call today to get this ball rolling toward your very own home!! 919-907-2060