It’s Monday…and you’ve just had an exhilarating weekend of house hunting. You’ve seen the good, the bad, and just about everything else while driving all around town. Some of the properties you just walked through may already be under contract – so you can cross them off your list!
A weekend of house hunting can be quite discouraging in a seller’s market. So how can you keep your head up when you feel like you are fighting a losing battle? Do these three things each Monday – and you’ll be ready to act when the time is right.
Catalogue the properties you viewed
Document the property address, style of home, list price, best attributes & other important details. Ask yourself this question: What kept you from being interested in the property or what made you want it?
By doing this, you’ll find that certain property features will come to the surface as most important. This will help guide your future searching and make you more confident (so you can act more quickly next time).
Check in with your Realtor
Contact your trusted Realtor to talk through the properties that were most attractive to you. After learning of a small price change or other information, a “maybe” on your list could turn into a “yes!”
If you do find yourself interested in a property, the time to act is now. You can request a second showing or cut to the chase and get a purchase contract written up! Remember, you aren’t the only one eyeing that property in this seller’s market – so act quickly.
Stay current on mortgage rates
Interest rates change at least every day, and can swing drastically over the course of a week. A small change in interest rate can make a BIG difference in monthly payment – so staying up to date on available mortgage rates and programs is a must!
For example, the monthly payment on a $350,000 mortgage will drop by $26 if rates are just 0.125% lower! That’s a savings of $312 a year – or about one free car payment!
Just as it is important to shop lenders early in the process, it is also important to keep your knowledge level up as you hunt for that perfect home. After all, a dip in mortgage rates will make all homes more affordable.
What is a seller’s market? Look here.
Concerned about increasing interest rates? Look here.