If you want to sell your home at the best time, there is none better than right now. April begins the peak listing season and by June the population of buyers is at its peak, often resulting in potential bidding wars, which then result in higher prices and faster closings.
Would-be homebuyers eyeing 2016 as the year they want to move into their own home have a fair bit working in their favor. Mortgage credit continues to thaw, interest rates remain surprisingly flat, and more homes are expected to hit the market as spring approaches.
Surveys show that buyers overestimate their mortgage knowledge or believe their lack of it doesn’t matter. The reality is ill-prepared buyers can wind up in bad loans or miss out on maximizing their spending power options. Because home buying education is key, here’s some more tips for this time of the year.
- Take time to learn about the major mortgage types, the upfront costs of home buying, and what might make the most sense given your unique credit and financial situation.
- Deal with your credit score now – you want to have a strong number before starting to look for a home. And building the strongest credit profile possible can save you money when it comes to things like interest rates and private mortgage insurance. We would be glad to show you how to improve your score, but remember, it takes time to do that so prepare well in advance.
- Pre-approval is a must. A pre-approval letter shows sellers and real estate agents you’re a serious home buying candidate. In fact, some agents won’t accept purchase offers without one. Pre-approval also gives you a clear sense of how much home you can buy. But remember, loan pre-approval does not guarantee you’ll get a home loan. It’s a big step in the right direction but you can still be turned down.
- Understand the Market. Bidding wars are breaking out in communities where housing inventory struggles to keep pace with demand. About a third of homes sold for or above their list price in October 2015, according to a leading provider property information. The likelihood of rising mortgage rates in 2016 will also change the buyer/seller process. Find seasoned real estate agents who know your market and function effectively if a bidding war takes place. Coming in with strongest offer at the outset can be crucial for buyers competing in hotter markets.
Remember, we are seasoned professionals at Deon Cannon Realty – and we know our markets. We’re here to serve your real estate needs so call us at (404) 630-2985 and we’ll work with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.