July 13, 2018
If you’re considering becoming a buyer in today’s housing market, you’re likely wondering what’s happening with home prices. You may also be wondering if you’ll find just what you want, with all the stories in the news about low inventory and bidding wars taking place.
While buyer demand is high, rest assured that this is the right time to purchase. Upwardly mobile home prices and interest rates trending higher means now is when you can lock in lower rates. Even a half percentage point or a few thousand dollars higher sales price can dramatically change your monthly mortgage payment! While both are still lower, you may actually be able to afford more house for less.
Competition is tough, as news stories have indicated is be expected, but with new homes being added to the stock of homes for sale, odds are in your favor you’ll find and close on your new home. In fact, with builders optimistic about sales, they are building more homes and that inventory boost will also cause home prices to begin to moderate.
What are the most popular features desired by buyers in this marketplace? One study shows that buyers who are willing to compromise a bit on their wants list in the home search have the best odds of snagging a great new place to call home.
High on the list of desired amenities include specific school districts, with 34% of survey respondents stating they are willing to give up a garage, a high priority feature, in order to purchase a home in their ideal school neighborhood. Another 84% are willing to sacrifice other home features for a preferred neighborhood.
When searching online listings for homes to buy, it can be difficult not to wander outside of your price range for a look at houses you’d love but really can’t afford. This is true no matter what your particular price range might be. Remember that there will always be a house just out of your reach that will engage your curiosity. This makes it doubly important that you take the time to work with your lender, determining your approved price range, BEFORE falling in love with any house or neighborhood,. This is the best way to save yourself from unrealistic expectations when your local marketing specialist shows you the wonderful homes available that are in your price range.