It’s a Seller’s Market Out There!
Current market conditions seem to be in favor of home sellers. With increased demand and decreased supply, competition is heating up and creating what we call a “seller’s market”. That means there are a lot more buyers and fewer homes for sale.
Getting preapproved before you jump in the game is a great way to ensure you have everything you need to get the home you’re dreaming of. Here are three ways you want to get preapproved:
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Gain Competitive Advantage
- Getting preapproved for a mortgage is a great way for you to show the home sellers you’re serious about buying. Take a step ahead and contact your mortgage officer first, we know a guy 😉.
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Accelerate the Homebuying Process
- Speed up the process and be faster to make an offer. Home sellers don’t want to wait around and you’ve just found your dream home, be the first to cross the finish line.
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Know Your Money
- If you’re preapproved, you have a better understanding of your budget and what you can afford to borrow. This helps keep you honest and avoid falling in love with a home just out of your reach.
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.“
Read the original article here to learn more about the advantages you can gain in this Seller’s Market by getting preapproved for a mortgage before making an offer: Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey
Give me a call at (928) 300-1080 or contact the Conigliari Team at PrimeLending to get a leg up in this Seller’s Market and find your dream home.
-Justin
The Full-Time Real Estate Agent
