Improving Your Home Buying Power in a Competitive Market

    Whether you’re purchasing your first home or have moved several times, it’s now essential that you’re a well-prepared home buyer.

    Below are some great tips to ensure you make the most of the opportunities in today’s hectic Prescott area real estate market.

    Acknowledge the competitiveness of the current market – With multiple offers now very common these days, buyers are often in competition with one another. The widespread reduction in inventory of available homes means that it’s a seller’s market. Recognizing these dynamics will help and motivate you to get properly organized to become the best equipped buyer possible.

    Take good care of your finances – It’s essential to ensure your credit rating is as good as it can possibly be. This widens the scope of homes you can afford and, crucially, will entitle you to better mortgage interest rates, or could in fact be the difference in making sure you get approval for the home loan you want. The best advice is to simply be very sensible with your finances. Loading credit cards, having little or no savings, taking out a brand new car loan, changing your job or being late with your monthly payments should all be avoided by any mortgage applicant.

    Get pre-approved for your home loan – If your finances are in great shape, then you’re well placed to apply for a mortgage, even before you start to look for a home. In today’s highly competitive/low inventory market, sellers can often afford to pick and choose a buyer who can demonstrate pre-approval for a home loan that fits their asking price. Viewing homes without pre-approval means that you represent a potential gamble for a seller. As there is much more likelihood of receiving several offers these days, imagine that you’re the seller and ask which offer you’d take most seriously. Pre-approval also clearly defines what price you can afford, improving your home buying focus and giving you true buying power.

    Plan ahead – If you’re already pre-approved for a mortgage, congratulations, you’ve already made a great start to your home search. It also pays dividends to create a wish list of must have features and those that are less important, but preferable. This will help you and your agent to more accurately pinpoint homes to view that are a good fit. Rather than viewing dozens of homes, selecting a handful of the best likely options for you will help you to make an informed and quicker decision.

    Partner with a top buyer’s agent – A great buyer’s agent has resources at his/her disposal that buyers cannot hope to have on their own; daily experience of the market place, first class negotiating skills and the ability to deeply search the inventory of homes that match your means, needs and location requirements. And when you’ve decided on the right home, a great agent will have the experience to help to achieve the best deal for you and also guide you through all the closing processes.

    At Hyland/Schneider Team we provide a proven and comprehensive service to buyers. Contact us on 928-445-2100 today and we’ll discuss your needs with you and match them to the right homes for you to view.

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