If you’re in the market to buy a home this summer, you’re not alone. It’s a hot season for homebuyers! Prices and mortgage rates are predicted to continue rising, so the sooner you buy, the more you could save. However, the inventory of houses for sale is still below average, so competition is fierce. The Keller Williams Memorial real estate team is here to help you! Our qualified agents can and will guide you through the entire home-buying process, until you close on the home of your dreams.
We’re also here to offer you advice on how to house hunt in a competitive market. Here are a few tips that RISMedia shared, that we agree with, to keep in mind:
- Hire a specialist. Don’t try to do this alone! If you had a serious medical condition, would you wing it, or would you seek advice and treatment from a specialist? Same is true for real estate. This is one of the biggest, if not the biggest, investments you’ll ever make. Have a real estate agent on your side to answer your questions, find homes that fit your needs and budget, negotiate on your half, supply you with paperwork and walk you through each step of the way. Last year, 90 percent of successful buyers used an agent. This is not a process to take lightly!
- Decide on a budget. Your mortgage lender will pre-approve you for a certain amount, but that is not necessarily your budget. It doesn’t include closing costs and ongoing homeownership costs, such as taxes, home insurance, maintenance and so on. Economists recommend you spend no more than 30 percent of your gross income on housing. Figure out your income and expenses, and decide what you can afford. Only you truly know what you can afford! Once you figure that out, stick to it.
- Home search daily. Houses for sale in Houston come and go quickly in the market right now! House hunting is like a second job. If a new home comes onto the market that fits your needs, jump on it immediately. Be ready to switch around your plans in order to view the home, and be ready to make an offer quickly if interested. Take a proactive approach, or houses may slip away before you get a chance to make a smart offer.
- Sweeten your offer. If a seller is receiving multiple offers from buyers, you want yours to stand out. Be sure to get a comparative market analysis on the home, so you know its estimated value before you make an offer. Offer more if it’s in your budget, or offer your best price first rather than beating around the bush. Increase your down payment or get more than one pre-approval. Write a letter to the sellers on why you love their house so much. There are lots of ways to stand out!
For more home-buying tips, check out the RISMedia article in its entirety. When ready to get started, contact the Keller Williams Memorial real estate team for help!