Mortgage News Roundup
April 17th, 2014
The peak home buying season started in March, and it was off to a slow start.
DataQuick analyst Andrew LePage said there are a variety of reasons for this year’s slow start.
“The inventory of homes for sale remains thin in many markets. Investor purchases have fallen. The jump in home prices and mortgage rates over the past year has priced some people out of the market, while other would-be buyers struggle with credit hurdles,” LePage said in a statement, “Also, some potential move-up buyers are holding back while they weigh whether to abandon a phenomenally low interest rate on their current mortgage in order to buy a different home.”
But, other industry experts are predicting a brisk recovery.
4 Easy-to-Follow Tips For Buying A Home This Spring
Zillow published an article on Forbes.com about 4 easy-to-follow tips for buying a home this Spring that you may find useful. And has some of the same advice we’ve been recommending for some time.
- Hire a real estate agent who is experienced in many types of transactions. You deserve to have a professional representing your best interests throughout the entire buying process. A buyer’s agent will help you with your home search, required contractual paperwork, negotiations, inspections, and any other concerns that may come up. Sometimes you can find a team who work together and play off each others strengths.
- Get pre-approved for a mortgage, and have a solid understanding of your credit score and your financial profile. Talk with a professional mortgage loan officer who will help you see how lenders will view you.
- Make a checklist of your needs versus your want-to-haves, and prioritize the items on that list. Understand that your list will shift and change based on your budget constraints and market trends. And remember that when you buy a house, you are also buying the neighborhood. Think how long you may want to live in the house, and your goals for the next 5, 10, and 20 years.
- Bidding wars are on the rise so you need to always lead with your best foot forward. The days of under bidding on a house are over. If you decide to make an offer, make it a good one! (Your real estate agent will be able to help you with this, and come up with a compelling story)
Will you be looking at open houses this weekend?