Is Real Estate on your Goal List for 2022?
Here are things I've learned and how to prepare!
This is based on my experience from the last couple years in this very wild Real Estate Market. I hope these tips allow you to navigate it a little better!
Things I've Learned:
- Interest rates are steadily increasing! We are seeing many 4's right now and expect these to continue to fluctuate throughout 2022. If you see a property that just might work for you (even with a little remodel) and your interest rate at the moment is decent...you better jump on it!
((Also...let's remember here that just a few years ago a 4.6% interest rate was REALLY GOOD!! This "increase" feels painful for us right now because the rates got SO LOW for a little bit. An interest rate in the 4's is still really good!!))
- Inventory is expected to increase! Many sellers are tired of holding on and are ready to make a move. There are still an abundance of Preapproved Buyers, so be prepared for a multiple offer situation. Would you like for me to better explain that scenario?
- Our local lenders are able to give the same benefits and rates with increased customer service and experience!
- Many buyers are considering buying properties less than perfect and doing some remodeling on their own! The homes that once used to sit on the market forever because they needed so much work are now being sold to buyers who can see a vision of potential!
Ways to Better Prepare:
- Use my Exclusive Buyer Guide to help you plan how much money you will need to close. This breaks down the process and gives you a visual of the necessary steps to getting your transaction closed! Want me to email it to you?
- Having a preapproval letter in hand from a lender will put you in a better position to submit an written offer to a seller as soon as you are ready. Sometimes, this letter can take a week to prepare (depending on how quickly the lender gets the info they need from you.) We don't want you to miss out on the perfect place while waiting on this letter!
- Sellers might be more attracted to offers with lenders who are local. This is because they, too, know of the extended wait times we experienced for closings in the past year. We want to avoid that as much as possible and show your offer as strong and organized!
- How do you feel about a remodel? Consider this while searching and see if it is better for you financially to have a lower mortgage and some cash to do these projects as you go!
Feel free to reach out to me if you're interested in more information on any of the points I hit above! Buying a home is stressful enough, being PREPARED can make the entire process so much more enjoyable! I'm ready to help!