Greg Englesbe New Home
Real Estate Investing

Thinking of buying a home? December is your time to envision it and act

The disruptive course of 2020 has taught us all important lessons about what we can and can’t plan for in life.

For some, the coronavirus pandemic has put important decisions on hold. For others, it’s been a time of bold change.

After a shock in March and April, the U.S. housing market quickly kicked back into high gear. Month after month, sales of existing homes rose to ever-higher levels. In September, they were up 14.8% over the previous year, setting the market’s highest pace in 15 years, according to the National Association of Realtors.

Two main forces are driving this trend: low housing inventory and incredibly low interest rates that pre-date the pandemic.

Keeping that in mind, prospective home buyers must be aware of the competition, realistic about their goals and proactive in developing a strategy.

The following tips will be useful for those searching for a new place to call home.

DON’T SLEEP ON THE HOLIDAYS

Many people think of December as a time to wind down and relax after a long, stressful year. Unfortunately, that repose will cost you a chance at attractive homes if you’re looking to buy.

In a strange year, many workers have a surplus of time off that they haven’t taken. This is the perfect time to use it and invest your energy into a plan to find your home.

Schedule your time off and develop a structured approach to researching the ins and outs of what you’ll need in order to stay ahead of the competition.

If you’re avoiding family gatherings to stay safe, use the holidays to educate yourself on the neighborhoods that interest you and conduct an assessment of your financial position and limitations.

GET PRE-APPROVED OR PRE-QUALIFIED

As exciting as it is to search for a home, it’s crucial not to put the cart before the horse.

Having a clear financial path to buying home will not only save you the trouble of looking outside your price range, but will also ensure that any offer you make isn’t held up while another prospective buyer snaps up your dream home.

Lenders often use the terms “prequalification” and “pre-approval” interchangeably, but a pre-approval is a bit of a stronger chip. It’s an official step that requires the lender to verify your financial information and credit history, making it clear what you can afford and showing sellers that your offer is credible.

A prequalification is an initial step you should take to help you understand what you can afford. When you submit financial information to a lender, they can give you a ballpark estimate of the size of the loan you might be able to take. It’s a useful step toward mapping out your wish list.

With pre-approval, the lender will take a closer look using verified consumer data, such as a credit check. Once you fill out a mortgage application, pre-approval will provide you with a conditional commitment in writing, giving you an exact loan amount you’ll be eligible to receive.

While many sellers and agents consider prequalification a necessary step, going the extra mile with pre-approval will show them you’re serious and ready to make good on your offer.

RESEARCH THE MARKET AND BE PREPARED TO MOVE QUICKLY

In competitive situations, many of us act rashly in order to avoid missing out. That can be a problem if you haven’t thoroughly assessed what you want in a home.

Remember that this is the place you’ll live and a significant investment. Researching homes in advance, studying the market, finding comps and having an overall strategy with multiple positive outcomes will help you act calmly and decisively under pressure.

Find an agent you can trust and who understands your priorities. Make it easy for them by having them outlined in advance. That will give your agent a head start on matching what you want with what’s out there.

Identify the properties that leap out at you and make a plan to be there as soon as you have the feeling you want to make a push. Don’t wait until the weekend. Try to make arrangements to visit and put eyes on the place before others do. Other buyers will likely want it as badly as you do, and the flexibility you have to bid could be a difference-maker.

Shopping in a tight market is a difficult and challenging task, but don’t lose sight of your objectives. Having the details of your search, giving yourself various win-scenarios, will allow you to focus on the parts of buying a home that are enjoyable.

STAY CALM AND FIND THE BEST FIT

At the end of the day, buying a home is a decision that will shape your life in a significant way, both day-to-day and long-term.

With the market ticking the way it is — favoring sellers with more competition and buyers with low interest rates — there is a certain amount of calculation and compromise that may be unavoidable.

But it’s essential to make your move on a decision like this with purpose rather than desperation. The more you prepare, the more you make it easier on yourself and everyone involved, the more likely you’ll be to arrive at the outcome you’re seeking.

It’s December 2020. Collectively, we all remain in a holding pattern. Just don’t let that hold you back from your goals. Get a jump start on a happy and healthy New Year — and the new home that awaits you in it.

Photo Credit Kelly Lacy/Pexels.com

188 Comment

  1. Pingback: viagra product
  2. Pingback: buy an essay cheap
  3. Pingback: the essay writer
  4. Pingback: brand cialis 20mg
  5. Pingback: cialis com
  6. Pingback: canada rx
  7. Pingback: viagra at age 29
  8. Pingback: 102-17750 56 ave
  9. Pingback: cytotmeds.com
  10. Pingback: viagra discount
  11. Pingback: cialis max dose
  12. Pingback: viagra online
  13. Pingback: regcialist.com
  14. Pingback: stromectol for uti
  15. Pingback: stromectol mk
  16. Pingback: seroquel 300 mg
  17. Pingback: diabetic tablets
  18. Pingback: sildenafil 50 mg
  19. Pingback: sildenafil 20mg
  20. Pingback: cialis tablet
  21. Pingback: ivermectin price
  22. Pingback: eli lilly cialis
  23. Pingback: viagra sale paypal
  24. Pingback: viagra alternative
  25. Pingback: 1
  26. Pingback: cialis website
  27. Pingback: sildenafil 2.5 mg
  28. Pingback: cialis cheap
  29. Pingback: viagra cost
  30. Pingback: order propecia usa
  31. Pingback: viagra samples
  32. Pingback: cialis discount
  33. Pingback: cost of viagra
  34. Pingback: price cialis
  35. Pingback: cialis uk
  36. Pingback: ivermectin safety
  37. Pingback: ventolin 200 mcg
  38. Pingback: using viagra 100mg
  39. Pingback: cialis women
  40. Pingback: buy cialis
  41. Pingback: sildenafil citrate
  42. Pingback: generic for viagra
  43. Pingback: ivermectin 5 mg
  44. Pingback: praziquantel price
  45. Pingback: cheap legal viagra
  46. Pingback: buying viagra
  47. Pingback: natural viagra
  48. Pingback: viagra generico
  49. Pingback: amoxicillin sale
  50. Pingback: laxis pills
  51. Pingback: 2 gabapentin
  52. Pingback: plaquenil
  53. Pingback: 80 mg prednisone
  54. Pingback: viagra pornhub
  55. Pingback: priligy online usa
  56. Pingback: albuterol 5 mg
  57. Pingback: azithromycin 250mg
  58. Pingback: lasix 200
  59. Pingback: 2000 mg gabapentin
  60. Pingback: viagra walmart
  61. Pingback: prednisone 9 mg
  62. Pingback: modafinil usa
  63. Pingback: viagra price
  64. Pingback: albuterol 108 mcg
  65. Pingback: zithromax buying
  66. Pingback: goodrx viagra
  67. Pingback: levitra vs viagra
  68. Pingback: viagra sildenafil
  69. Pingback: viagra pill
  70. Pingback: viagra amazon
  71. Pingback: viagra for men
  72. Pingback: otc viagra
  73. Pingback: cialis tubs
  74. Pingback: cialis from canada
  75. Pingback: cialis risks

Comments are closed.