February 2021Calendar

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Why Pre-Approval Is an Important Step for Today’s Homebuyers

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Being intentional and competitive are musts when  buying a home  this season. That’s why pre-approval is so important today. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Peter Warden, Editor of  The Mortgage Reports ,  explains : “The lender will check out your personal finances and issue you a letter confirming the amount you’re eligible to borrow. This not only gives you a firm budget for house hunting,  but also lets sellers know you’re qualified to make an offer .” Why does that matter so much today? There are many more buyers looking for homes today than there are homes available for sale, and that’s creating some serious  competition . According to the  National Association of Realtors  (NAR), the average home is getting  4.8 offers  per sale. As a result,  bidding wars  are still common. Your pre-approval gives you a leg up in these situations. ...
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Buyer Demand Surging As Spring Market Begins

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Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available). Both the  ShowingTime Showing Index  and the  National Association of REALTORS Buyer Traffic Index  show that buyer demand has increased in each of the last three months. Why the increase in demand? Increased buying power. According to the  National Association of Realtors’   Economists’ Outlook Blog , purchasing a home has become more affordable, which has led to increased demand. “Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced ...
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5 Reasons to Sell This Fall

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Below are 5 compelling reasons listing your home for sale this fall makes sense. 1. Demand Is Strong The latest  Buyer Traffic Report  from the  National Association of Realtors  (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing  inventory  is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers. Historically, a homeowner would  stay  an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up des...
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