Beat Your Competition – Get Pre-Approved for a Mortgage Today

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Most people have probably already figured out that in real estate, market conditions are as good as anybody’s guess but there is something to be said for watching trends. And the trends lately have been pointing to a slowly (but steadily) recovering market in many areas across the nation.

When just a year ago it seemed next to impossible to sell a home, fast forward to the current marketplace and the tables have turned almost completely. In many cities there just are not enough homes for buyers to browse. Buyers are scrambling to see homes on display in open houses before the properties are even listed, in the hopes of getting in on one of the “good” homes still available.

Record-Setting Interest Rates Have Buyers Hopeful

Just when they started getting used to calling all the shots in the vast majority of buyer-controlled markets across America, buyers are not dealing with the shock of dealing not enough properties to choose from. Interest rates that are at levels rivaling those from 60 years ago are driving buyers’ desires to sign on the dotted line to become homeowners now. But what is to be said when there are not enough properties to go around?

Inventory Levels Pre-Dating 2007 Numbers Has Put Sellers In Control

For the first time in over five years, the number of available homes is dwindling down to levels that we were used to seeing prior to the big housing market crash of 2007. According to the National Association of Realtors the last time we saw such a low number of active property listings was in April of 2006.

Multiple Offer Situations Causing Bidding Wars to Erupt

What do you get when there are a lot of buyers that want a choice few properties that seem perfect?  You get lots of people vying for the same property and inundating the sellers with multiple offers. For the first time in years in a lot of areas, sellers can expect to get at or near asking sales price. In fact, when bidding wars start to take place, the sales price often jumps higher than the list price.

Savvy Buyers Preempting Property Rush By Obtaining Pre-Approvals

In an effort to thwart the swarm of buyers already on the prowl, many savvy hopeful homeowners are rushing to lenders and obtaining pre-approvals for added leverage. Once they find the right home – priced well and located in a good locale – they are ready to go and can often get a head start on other buyers that have not obtained pre-approvals. A letter from a prospective lender does more than just serve as added leverage for buyers while shopping for their dream homes. It also provides a realistic benchmark of what they can afford while shaving off valuable time once an offer is made on the property.
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No one can predict where the market will be one month from now but for the countless buyers that are out there trying to lock in phenomenal rates and low home prices – the time is now to get pre-approved and start making successful offers!