While mortgage interest rates are low, more people are choosing to buy a home, which gives home sellers the advantage of choosing from multiple buyers. If you’re buying a home in this market, preparation is key!
Here are some tips for buying in a seller’s market:
- Have your pre-approval letter from your lender ready to go. If a house sits for more than a week, you might have a chance of putting in an offer that doesn’t compete with others. If the house has been on the market for under a week, prepare for a multiple offer situation by making a stronger offer.
- Try not to have any contingencies with your offer. In this market, many sellers will not look at your offer if you have a home to sell first. If you need to sell prior to buying because you need the proceeds from your sale, try to at least have your current home under contract before you submit an offer on a new one.
- If you are a first-time homebuyer, have a good down payment to be more competitive.
- Lastly, be sure to have a GOOD lender—someone who is paying as close attention to those deadlines as you are. The more eyes on those dates, the better for everyone.
The talented mortgage team at Deseret First is ready to help you with your mortgage in this seller’s market. Employees of the Church of Jesus Christ of Latter-day Saints and affiliated organizations can receive $200 off our already-low closing costs.* Contact the mortgage team any time at 801-456-7070 or email charles.patterson@dfcu.com. Happy house hunting!
Membership and eligibility required. Terms and conditions apply. OAC. *Savings and costs will vary depending on your individual situation and available interest rates.
