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Utah’s Real Estate Market has been pretty crazy the past couple of years, but just as everything else in life, things change. This past summer with interest rates rising the home buying adventure has changed drastically. No more 20 offers on one property. We are no longer seeing homes go over the asking price for thousands of dollars. The market is adjusting and this is great news for home buyers!
Just months ago the Home Sellers were basking in the warmth of a Red-Hot Market,
And Buyers were playing hot potato and trying not to get burned!
BUT NOW – Buyers have more inventory to choose from and Sellers have to be competitive in their pricing and be willing to consider all offers.
While interest rates are higher than they have been the past few years, buying a home at a great price even with a higher interest rate gives you the opportunity to be a homeowner who can refinance when interest rates come down.
Are you planning to buy a home in the next month or two?
Here are some tips to help you get your ducks in a row so you can get the House that sets your heart a-glow!
Tip 1:
Get with a Mortgage Broker/Bank/Credit Union (whomever you feel comfortable with) and get yourself Pre-Qualified for a Home loan.
But don’t stop there…. get yourself Pre-Approved!
What’s the difference?
If you are Pre-Approved, you have already been through underwriting.
A Pre-Approved Buyer is a strong buyer!
Tip 2:
Once you know what you are approved for, and you have your pre-approval letter in hand, it is time to search the market. This is when your Real Estate Agent comes in handy. They can create a Listing Alert tailored to your needs and wants. Each day you will get an email with the new listings for that day which meet your criteria.
Tip 3:
After you find a few homes you are interested in, have your Realtor set up a showing or attend an open house with your Agent. Many Sellers are holding an Open House as they place their property on the market. Many times, multiple offers are coming in during the Open House.
Tip 4:
Once you find the home just right for you, you will need to act smart because the home is probably just right for many other buyers too. While the market is calmer than it has been the past couple of years there is still a housing shortage so you can take time to think about a home but if you feel it is the right one you want to move forward and make an offer. Remember Earnest Money is usually 1% of the Sale Price.
Tip 5:
When you find the perfect home, it’s time to write an offer. Remember, your timing is important. Working closely with your lender and your agent to ensure you are locked into your interest rate will help you as you go from Under Contract to Closing on your home.
Tip 6:
Once your Realtor submits your offer, take a deep breath and think positive but also be smart. Have a couple back-up houses in mind if your first choice doesn’t work out the way you hoped.
Buying a home is an exciting time but it can also be stressful. Planning will make your experience a positive one!
So, are your ducks in a row??
If the answer is YES, then you are ready to enter the fun world of Utah Real Estate!
I would love to help you navigate your way to the home of your dreams.
Give me a call, I am ready to work hard for you!
Looking forward to hearing from you!
Brenda Horrocks, Realtor
801-243-1908
