If you’re in the market to buy a home this Summer you’ll need to be careful navigating this uncertain time. In this high demand homebuying market, here are a few thing you may want to consider.
Know your market: On average, home prices jump 9% from January to June according to a new analysis from NerdWallet. Generally the inventory in this period is higher as well, but with the hot housing market this years inventory may be lower.
Get preapproved: Your credit score, debt-to-income ratio, and down payment will all factor into whether you get a home loan with favorable rates. Putting in an offer on a home with a lender’s preapproval may set you apart from other offers.
Prepare to be flexible: Between the increased mandates both state and nation wide and the need to keep all parties healthy during this unique time, being flexible in how you see the homes you’re looking at is important.
Determine where you’re willing to compromise: Supply for the housing market was tight to start 2020 and so far this year demand has outweighed additional supply. Going into this process knowing what you’re willing to compromise on will ensure you don’t miss a chance to submit an offer.
Consider waiting: Postponing your home purchase can be disappointing but depending on where you’re shopping, waiting could get you a lower price with less competition and increased financial security. Increasing your confidence in your decision by thinking everything through will make you feel more comfortable in any purchase you make!
