Competition is high among buyers this spring. Follow along for our expert tips to stay ahead in this market!
During the spring, we enter the most competitive real estate market in over decades. Why the competition? There is low inventory, although we are experiencing historic low interest rates!
Since September 2020 more than 22% of all homes in the U.S. were sold compared to 15% in 2018 and 2019. Additionally, the number of first time home buyers has increased from 31% in previous years to 36% since 2020.
Here is Home Qualified’s advice when considering purchasing a home:
See property potential
A lot of homes being sold are old. Therefore, it is important to budget for minor fixes. If you’re a fist time home buyer there are financing programs that will cover home improvement costs.
This might be the greatest advice of all. Create a budget and stick to it. Before starting to look at homes, speak to a mortgage bank and find out how much you are pre-approved for.
These are very likely and costly in this market, do not let the competition leave you cash poor!