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Answers to your questions
FAQ
FAQ
Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.
Most real estate agents will require a pre-approval before showing homes – this is especially true at the higher end of the real estate market; sellers of luxury homes will only allow pre-screened (and verified) buyers to view their homes. This is meant to keep out “Looky Lous” and protect the seller’s privacy. What’s more, by limiting who enters their home, sellers are given extra security from potential thieves trying to case the home (like identifying security systems, locating expensive artwork or other high-value personal property).
Under normal market conditions, the average time to complete the sale of a home is 30 to 45 days. Though, well-prepared home buyers have been known to purchase properties faster than the averages.
Market conditions are a major factor in how fast homes are sold. In hot markets with a lot of sales activity, buying a home may take a little longer than normal. That’s because several parties involved in the transaction get behind when business suddenly picks up. For example, a spike in home sales increases the demand for property appraisals and home inspections, yet there will be no increase in the number of appraisers and inspectors available to do the work. Lender turn-around times for loan underwriting can also slow down. If each party involved in a deal takes a day or two longer to get their work done, the entire process gets extended.
In sellers’ markets, increasing demand for homes drives up prices. Here are some of the drivers of demand:
- Economic factors – the local labor market heats up, bringing an inflow of new residents and pushing up home prices before more inventory can be built.
- Interest rates trending downward – improves home affordability, creating more buyer interest, particularly for first time home buyers who can afford bigger homes as the cost of money goes lower.
- A short-term spike in interest rates – may compel “on the fence” buyers to make a purchase if they believe the upward trend will continue. Buyers want to make a move before their purchasing power (the amount they can borrow) gets eroded.
- Low inventory – fewer homes on the market because of a lack of new construction. Prices for existing homes may go up because there are fewer units available.
A buyer’s market is characterized by declining home prices and reduced demand. Several factors may affect long-term and short-term buyer demand, like: Economic disruption – a big employer shuts down operations, laying off their workforce.
- Interest rates trending higher – the amount of money the people can borrow to buy a home is reduced because the cost of money is higher, thus reducing the total number of potential buyers in the market. Home prices drop to meet the level of demand and buyers find better deals.
- Short-term drop in interest rates – can give borrowers a temporary edge with more purchasing power before home prices can react to the recent interest rate changes.
- High inventory – a new subdivision and can create downward pressure on prices of older homes nearby, particularly if they lack highly desirable features (modern appliances, etc.)
- Natural disasters – a recent earthquake or flooding can tank property values in the neighborhood where those disruptions occurred.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius autem. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius soluta nobis eleifend option congue.
