Did you know that about 13% of Americans are moving each year? If you’re one of them, you’ll need to be quick and decisive to score the house of your dreams. And you’ll need to take action to ensure that your current home is marketable.
Read on to learn 5 tips for navigating the current housing market!
Tips on Navigating the Housing Market in 2022
1. Get Your House Ready to Sell
If your house looks a little dated, it’s worth spending some money on updates. Fresh interior paint in neutral colors and new landscaping can work wonders. Declutter your home to make the rooms seem more spacious, too.
You might be able to snag a better offer because your house looks better. And if you need to sell your house fast, look here for help! Cash buyers will take your home as-is and quickly give you a fair offer.
2. Pursue Pre-Approval
When you have pre-approval from a lender, you’ll know how much house you can afford. With a pre-approval, a lender determines the amount you can borrow. They’ll look at your income and credit score.
While a pre-approval is not a guarantee, it predicts what a final mortgage approval will look like. And real estate agents will know you’re serious about buying a home.
3. Know Your Price
How much are you willing to accept for your home? You should explore comparable homes in the area to determine an asking price. But if the market is stagnant, you might need to accept a lower offer.
And don’t forget about closing costs. They’re often an additional 5% of the loan amount. Factor them into your asking price — and your savings — so you have enough extra money ready.
4. Find a Good Real Estate Agent
While you can go it alone to hunt down a house or sell one, it’s much easier with a qualified real estate agent. They’ll be able to guide you through paperwork that can seem confusing with the mortgage company. And they’ll be tapped into the local market.
If you’re searching for a home from out of the area, a real estate agent is a must. They can be your eyes and ears on the ground and provide perspectives about neighbourhoods.
5. Be Flexible
When it comes to finding a new house, you’ll need to know that you can’t get everything you want. That’s why it’s smart to make a list of non-negotiables. For instance, you might need central air conditioning and at least three bathrooms.
In other areas, you should plan on being flexible. You might have to forgo a brick patio with a house that otherwise checks the boxes. As long as there’s a backyard, you could always add one later!
Navigate the Current Housing Market
You can navigate the current housing market by being flexible and knowing your budget. Get pre-approved for a loan, so a real estate professional will know you’re committed to the search. And take some steps to spruce up your current home’s curb appeal.
Find more tips to land the right house. Check back soon to find new articles!
