There’s no doubt that buying a home is truly a dream for many growing families, but the housing market in 2021 seems like a daunting landscape considering the ongoing impact of the COVID-19 crisis. Since mortgage rates are at an all-time low, it’s surprisingly an attractive time for buyers to score a property that is relatively affordable, but the problem is finding enough real estate options in this year’s seller’s market.
While the demand and price of homes are skyrocketing as the world recovers from the pandemic, there are still ways to snag your dream home so long as you know where to look. In that regard, we’re here to boost your chances of unlocking the key to your forever home even in today’s hot housing market:
Tips Before Buying a New Home
- Apply for the Lowest Possible Mortgage Rate. The price of houses is only rising, and the number is about to jump another 5.7 percent in the next few months, but the lowering mortgage rates can prove to be a homebuyer’s silver lining. Of course, qualifying for the best mortgage program means you have to improve your credit score first and have a sufficient down payment ready on-hand. Not all people have the qualifications to get good deals with their loan options, but 2021 demands most homebuyers to improve their credit history first if they want to offset the uptick in home prices.
- Boost Your Chances by Getting Pre-Approved Before You Hunt for Your Dream Home. There are more buyers now than ever before, which means you’re at a disadvantage in this year’s seller’s market. Getting a mortgage pre-approval can give you an edge over your competitors since it increases your appeal since the pre-approval reveals your capability to meet the seller’s deal, boosting their confidence in your offer as a result.
- Hire an Experienced Real Estate Agent. Another way to gain a seller’s trust is to work with a reputable real estate agent since they can fast-track your search and give you the upper hand with their unprecedented negotiation skills. They can keep track of any newly listed homes and take over the discussion with the seller, giving you a more trustworthy and competitive offer.
The Bottom Line: Navigating the Challenges of Buying a Home in 2021
There’s no doubt that 2021 is a challenging time for home-buyers since the real estate inventory is still low, but the tips above can help give you an advantage over your competitors and help you score a property despite the growing shortage.
Why Choose Shannon Christenot?
We’re the best mortgage broker in LA that can help make your mortgage work for you. Whether you need help with property investing, construction loans, or improve lousy credit loans, we can take the guesswork out of these requirements and ensure you can settle down into your dream home in no time. Get in touch with us at (818) 601-2231 and get a free mortgage rate quote today!