Welcome to July. It seems that it is a seller’s market, with about 5 months of inventory available. Once this surpasses 6 months supply we may see a transition to a buyer’s market. But for now, the sellers have the upper hand.
What does this mean for you? Well, it could mean higher sales prices, bidding wars and less contingencies. What’s the best way you can be prepared?
As always, I recommend getting pre-approved instead of pre-qualified. This lets you know your true buying power. Also, a pre-approval is stronger than a pre-qualification. In some markets, usually the hotter markets, Realtors ® and sellers won’t accept pre-qualification letters, they will only accept pre-approval letters.
In addition, select your team ahead of time so once you are under contract you are not scrambling to put together the pieces. By team, I mean your Real Estate Agent, your lender, your title company, your home owner’s insurance agent and your home inspector. Take the time to ask questions of each and make sure you are comfortable with their answers. Once you are under contract you will have limited time to make decisions and that’s no fun if you are stressed out.
Here are Key Considerations when Selecting a Real Estate Agent
· Look for Success and Experience
· Look for a Listener that Hears YOU
· Choose Team Sports Over King of the Hill – Look for a Real Estate Agent that works well with Others
· Are there specialties that are relevant to YOU? Such as MRP- Military Relocation Professional. For a complete list of the National Associations of Realtors ® Certification, check out www.realtor.org/designations-and-certifications
For questions to ask your lender, check out my free download, Top 10 Questions to ask your Lender at www.BestMortgageBook.com
All of this information can be found in much more detail in my book on Amazon
To grab my new book, How To Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye™, click here: elysiastobbehomeloans.com
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