Mortgage Update: January 5
Small Increase in Inventory is Great for Buyers.
Get ahead with a fully underwritten pre-approval as market makes room for better buyer negotiation power.
Happy New Year, Everyone! Inventory is starting to increase very slowly, but it is increasing, which is great news. The current inventory consists of homes that have been sitting on the market a little bit longer than what we've been used to over the last couple of years. Though, we're also getting some new inventory, as well.
Increased inventory means better buyer negotiating power. Homebuyers, when you're getting ready to make an offer on a home, make sure you are working with local, knowledgeable, real estate professionals and mortgage professionals. This way you are getting the correct information and becoming educated on the market. Be prepared to put in an offer on a home by getting a fully underwritten pre-approval, which we offer (it's called our Good to Go pre-approval).
With a fully underwritten pre-approval, you can immediately jump on any new homes that come on the market, or perhaps a home with a price reduction. Get ahead of the game. Work with local, knowledgeable and professional real estate and mortgage lenders, so you can take advantage of the stabilizing rate, which is about high 5% to low 6%, which is really, really good in historical terms.
Purchase a home, worry about your rate later, when and if rates go down. Now is a great time to buy, but more importantly, to prepare to buy your next home. We look forward to helping you.