As we continue to adjust to Daylight Savings, the adjustment to low inventory remains as buyers are left with fewer home selections at higher prices. Click here for chief economist, Mike Fratanoni of the Mortgage Banker's Association synopsis on Squakbox. Adding to this already plaguing situation is stagnant income growth, knocking homebuyers down even further.
3 Ways to Stand Out on a Purchase Offer and WIN!
- Pick a GREAT agent. Not a good agent. A great one. Someone who understands everything about your home purchase. From the pre-approved amount to the time frame and beyond.Strategic planning and communication are key.
- Provide pictures and a write up about you, your employment and family. Strike an emotional nerve with the seller. Draw on their emotions. Pitch yourself and your love for the neighborhood, freeway access, proximity to grocery shopping, cafes, hikes, etc.
- Pre-approval or Approval with TBD. Imperative. No questions asked. Be pre-approved or fully approved with a To Be Determined on the address. Many lenders will do this and WANT your business. Handle it no matter how crappy providing all your tax returns and bank statements seems. It's one of the main points to win the deal.
Stretch your buying power with an ARM loan. If you don't know if this is the forever home or even if it is, look seriously at an ARM loan. The lower rate could save you hundreds of thousands in interest, paying down the principal faster and refinancing (if it makes financial cents) to reduce the rate and term. We offer free mortgage consultations.