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Open House Tips for Homebuyers on a Mission

What do higher home prices mean for buyers this Spring?

As home pricing continue to increase, how will this affect people looking to purchase this season? Due to a low inventory of homes we have seen a hike in home prices which can be hard on buyers, especially first-time home buyers.

Traditionally, Spring is buying season- consumers are motivated to start the house hunt. However, due to the increase we are worried about the competition in the housing market. To put it in simple terms, we have an issue with supply and demand.

Don’t get your hopes up, we have good news to share! Due to low inventory, now is a good time to sell. Looking to downsize, upsize or relocate? Eager buyers await any market updates to see which homes become available. Meaning your home will likely sell quicker then usually at a good price.

As rates are still historically low, buying a home now is more affordable compared to 20 years ago. Homeownership is still a great long-term investment in comparison to renting- invest in your future.

Give your friends at Purpose Funding today to talk about your financing options for purchasing your next home. Call us! (844) 427-3863

Preparing for an Open House Checklist

How to manage stress during the house hunt?

Buying a home can be extremely stressful, even if you aren’t looking to buy “right now”. The process can be tough. Here are a few tips to take into consideration and manage your stress during the house hunt.

Know what you want

Before you start looking take some time to think of what you want it a home. We suggest making a list, perhaps creating a pros and cons list! This way you can communicate with your realtor and set the guidelines before the search begins.

Start looking in advance

Give yourself enough time to look at houses and settle the idea of potentially calling a place your new home. Don’t wait till you NEED to find a home. This little step will remove a large portion of the stress and will also help avoid any “impulse” decision making.

Get pre-approved

We suggest getting pre-approved for your mortgage loan in advance. This will save time and ensure you are good to go! If you don’t manage to get pre-approved this will give you some time to clean up your credit score and finalize what kind of budget you have when looking for your new home.

Be a note taker

After checking out homes and going to a few open houses you may start to forget what interested you on a specific property. We recommend taking notes at every property to help you compare and contrast when making the decision. Note down key selling points, location, surrounding areas, and things that you did not like.

Don’t get attached

Don’t fall to hard when you think you found the home for you. Keep the sentiments out during this process; avoid planning out furniture, baby bedrooms and such for now. There is a chance that someone may purchase the house before you or have a better offer. We suggest keeping a casual attitude and keeping your options open.