The pandemic has changed and affected all kinds of different markets, and the housing market is no exception. Since the demand for homes is high, prices have risen while inventory has dropped. It is a seller’s market, and that can be intimidating to enter when searching for the perfect home, especially if it is your first. At Raleigh Cary Realty, we want to make sure that everyone is well informed and set up for success when purchasing their first home despite the ongoing pandemic.
Here are some tips for buying your first home in the current housing market:
- Get pre-qualified for a loan: Right now, there is a high demand for houses but a low supply. With that being said, it is likely that homes will have multiple offers on them. One of the best ways to outshine the other offers is by proving your financial capabilities. Being qualified for the loan ahead of time makes you look desirable over others who might not have taken this extra step.
- Try to get a low mortgage rate: The best way to combat high real estate prices is with a low mortgage rate. The easiest way to get a lower mortgage rate is by having a great credit score, so working on that in advance can only help you in the long run.
- Work with an experienced agent: Lucky for you, at Raleigh Cary Realty, we have some of the best agents in the Triangle on our team. With years of experience, our agents are prepared for any challenge that comes our way. Having an agent that understands how the market fluctuates and knows the best way to handle any situation will be beneficial when working in a seller’s market.
- Compromise is key: The housing market right now is low on inventory. This means it might be hard to find the perfect house you’ve been dreaming about or have seen on HGTV. Being open-minded and willing to compromise on the number of bathrooms, size of the backyard, or the location can make all the difference when trying to find a house right now. Many feel that with inflation and the interest rates rising here soon, it is best to find a home and make it your own rather than waiting for the perfect one.
This housing market might be stressful at times, but with some patience and determination, you will find the house that was meant to be yours. For any questions or concerns, reach out to Raleigh Cary Realty today!
