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I continually get the question the past month “Brenda, is it a good time to buy a home?”
My answer is almost always yes…especially if you don’t have a house and you can qualify for a mortgage loan then now is the time to buy a house. Being a homeowner is always better than renting (generally speaking). I brought up this same question to a Mortgage Loan Officer, Ben Lungren with Direct Rate Home Loans. I asked Ben what he was seeing with the market from a lender’s perspective. He had a two part answer.
#1: It is a great time to buy. It is a “Buyer’s Market”.
All the buyers Ben has worked with in the past few months have not paid any of the closing costs, or Buyer/Broker Commissions and many buyers are getting additional concessions. Seller’s want to sell! There are more homes on the market and interest rates are in the higher 5% which is much better than the 7+ percent we have been seeing. As interest rates drop you will see prices go up.
#2: Homes are selling but sellers need to be priced right and have their home and yard looking top notch.
Make sure the big ticket items (ex. Roof, HVAC, appliances, flooring etc) are in good shape and working well. If your home needs some fixing, hire a professional and note what was done. Have your home power washed on the outside and deep cleaned on the inside. Some buyers can see past another person’s clutter and dust but many buyers leave showings mentioning the bad smells, the dirty doors and old carpet. Quality homes will sell for a higher net price! Don’t fall into the trap of thinking your house is worth more than the average home in your market area. Allow your Real Estate Agent to do their part and compare prices and listen to them when they give you a range or a suggested listed price. If your house really is better than all the others the market will reflect that in the amount of showings you get and the offers you receive.
Ben’s best advice… get a mortgage loan application filled out and see where you are. Right now might be exactly the right time for you. If not, then you can set a goal so you know when to start house hunting.
If you are looking for a home to purchase and you don’t already have a Realtor to work with give me a call at 801-243-1908! Learn more about me here: https://brendahorrocksrealestate.com/about-me
If you would like to talk to a Mortgage Loan Officer give Ben Lungren a call (801) 885-4446 or reach out to him online by clicking here.
