Three Important Things To Know
North American Precis Syndicate
A professional real estate agent can open the door to the home of your dreams. (NAPS)
(NAPSI)—Buying a home is both a gratifying experience and challenging
endeavor. This is especially the case this season.
A healthy U.S.
economy and steady job growth are translating to robust demand at a time when
housing supply is insufficient in much of the country.
Although the National Association of Realtors® is still
anticipating this to be the best year for home sales in a decade, the journey
from home search to closing can be a daunting one.
To help, here are three insider tips:
• Be ready: It's a swift-moving
housing market right now. Rising home sales amidst inadequate homebuilding
have only exasperated tight supply conditions. Consider this: The inventory
for existing homes on the market has declined annually each month for the
past two years and homes for sale are typically going under contract in less
than a month.
Also, note that inventory is the tightest at lower price ranges. If you're
on the hunt for a home in the affordable price range—around $250,000 to
$500,000 in most areas—expect immediate interest from several other buyers.
You'll need to move fast if you see a property you like.
• Rely on a real estate agent:
With demand significantly outpacing supply in many areas, it's common for
buyers to be on the receiving end of a losing offer or two before finding
their dream home.
That's why, in today's competitive market, the use of a Realtor®,
a member of the National Association of Realtors®, can be crucial
to a successful buying experience. As your trusted partner and
negotiator-in-chief, a Realtor® will identify homes in your target
area once they hit the market, help you present an attractive offer to the
seller's agent, and negotiate on your behalf to ensure you get your home at a
price that works for your budget.
• Buy only what you can comfortably
afford: Buying a home has become a little less affordable compared to a
year ago because of the continued rise in prices and higher mortgage rates.
If listings are limited in your market, affordability will remain a
challenge this year as prospective buyers compete against each other and bid
prices upward. This is where the negotiation skills of a Realtor®
can prove indispensable. Discuss your target price range and stick to it. The
satisfaction of winning a bidding war will end quickly if you find yourself
living above your means.
The rewarding experience of buying a home may not be easy, but if you work
with a Realtor® and follow these tips, you can be confident
knowing that the right home can eventually be yours.
For local market information and to find a Realtor®, go to www.realtor.com/GetRealtor.
On the Net:North American Precis Syndicate, Inc.(NAPSI)