My first advice to future homeowners is “if you see one you like ,and it fits your needs and your budget. go for it!!!” There is probably several other buyers out there that like it and want it as well.
The first rule is “do your homework” Be ready to jump when you find that home that says “Welcome Home” . So get with a good realtor and a good lender. You will need a lender letter to submit with any offer you make. Most sellers will not consider an offer without it! Get pre-qualified with the lender first!. Know how much you can afford, how much money you are going to need to get into that home and
what your payment is going to do. Once you have that and your letter in hand , you can then go shopping!! Be ready with letter in hand, with your realtor that can provide you the info you need immediately, and make a decision and get there as early as possible. Don’t be afraid to make the very best offer you can! Because if you don’t, one of those other buyers will! If you wait too long, it will be sold, have multiple offers and/or asking for highest and best!!
For those that say, I’ll just wait…….
Here are a few facts you need to be aware of:
the median single family home price is up from april 2014 to april 2015 nationwide 10%
Housing affordability is down in all major regions of the US from a year ago
Mortgage rates are on their way up!! Freddie Mac reported last week that the 30 year fixed rate mortgage set a new high for 2015 averaging above 4%
The United States is not building enough homes to meet the nation’s housing demand. THE OLD SUPPLY AND DEMAND RULE! New home building peaked 10 years ago and new residential construction has declined to historically low levels. This unprecedented weakness in construction activity has persisted for past 6-7 years, with only limited signs of recovery.
WHY DO YOU WANT TO BUY A HOME NOW INSTEAD OF CONTINUING TO RENT? CONSIDER THESE FACTS:
Between 2010 and 2030- the year millennials are to reach peak homebuying age-new renters will exceed new home owners by 4 million.
In the next 15 years many more rental households will form because of size and ethnic composition of millennial generation. Rental housing vacancy rates are already low, and rents are rising. RENTAL RATES ARE RISING FASTER THAN WAGES! This leaves an increasing number of households “behind” with millions more now spending more than half of their income on rent! Unless construction ramps up over the next 5 years, the gap will widen , putting significant pressure on family formation, raising homelessness and dampening economic growth.
Call TEAM LOWERY! With over 27 years of experience , we have been through many different real estate markets! We have the experience to guide you now!
sources: REALTORMAG AND SOBER LOOK