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3 Tips for Buying a Home Today

Friday, August 26, 2022   /   by Laura Larson

3 Tips for Buying a Home Today

Based on the state of the housing market right now, you might want to think about starting your home hunt again if you put it off at any point over the past two years. According to recent data, there are more properties available for purchase, offering potential buyers like you more choices.

Even though the inventory situation is getting better, it's still a sellers' market, so it's crucial to remember that. You must therefore be ready when you start your property search. Here are three suggestions for purchasing the house of your dreams right now.

1. Recognize How Mortgage Rates Affect Your Ability to Purchase a Home
This year, mortgage rates have increased dramatically, and they have been shifting a lot over the last few weeks. When considering owning a home, it's critical to keep up with rate developments and comprehend how they may affect your ability to make purchases.

2. Be Open to Exploring Different Options During Your Search
You have more options for homes because there are more of them on the market. Historically notwithstanding, supply is still scarce. That implies it can be worthwhile to broaden your search while you look for homes if you don't find anything that suits your needs. Additionally, if you're able to, broadening your search to incorporate various housing alternatives, such as newly constructed homes, condominiums, or townhomes, will help you find more homes that fit your criteria. Even though there are more houses for sale right now, expanding your search parameters could lead to the discovery of a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance
Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, the Senior Mortgage Reporter for Bankrate, explains: “Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook if you go in well-prepared and with your eyes open.”

No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with an experienced and knowledgeable agent. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.

Bottom Line
Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and relying on a team of experts can be key in finding the home of your dreams. To make sure you have expert advice each step of the way, partner with Laura Larson and her team now!