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Offering Asking Price: Is This Offer Competitive In The Current Market?

May 11, 2022 by Clean N Dry Today

Offering Asking Price: Is This Offer Competitive In The Current Market?The current real estate market is incredibly competitive, and a lot of potential homeowners are wondering how they can separate themselves from the crowd. In the past, many people would think about how much under the asking price they could offer and still get the house. Now, it appears that the market has flipped. It is not unusual for a seller to have dozens of offers on the first day, so what do potential buyers need to do to be competitive?

Houses Are Selling Quickly

The current market is highly abnormal. According to statistics that have been published, the average house receives close to five offers and sales in just over two weeks. When a house has received multiple offers, it is not unusual for a property to sell above asking. A lot of sellers have so many offers that they are able to save money on housing costs by accepting an all-cash offer.

Buyers Must Be Prudent

Ultimately, buyers need to pay attention to market conditions if they want to submit a competitive offer. In today’s market, the list price is typically the start of the negotiating process. Therefore, buyers need to know this when they put an offer together. At the same time, buyers need to make sure they do not increase their offer too much, or they could end up buying a house that they cannot afford. 

Planning Ahead Is Critical

It is critical for buyers to set their budget and their expectations ahead of time. That way, they know exactly how much house they can afford. Buyers also need to know when to walk away. Even though it is tempting to fall in love with a house, keep in mind that there are other properties available. Buyers need to put their best foot forward if they want to put themselves in the best position possible to be successful. 

Will The Market Change?

Even though the real estate market does traditionally cycle, it is impossible to predict what is going to happen in the future. Furthermore, changing mortgage rates could have an immediate and drastic impact on the real estate market. Buyers need to be vigilant and understand what the current market looks like. 

 

Filed Under: Real Estate Tagged With: Home Offer, Real Estate, Real Estate Value

The Pros and Cons of ‘Mortgage Before Marriage’ for Young Couples

May 10, 2022 by Clean N Dry Today

The Pros and Cons of 'Mortgage Before Marriage' for Young CouplesThere was a time when a higher percentage of people were married before they committed to buying a home together, but it’s a lot more common to co-habit and invest in a home together. If you’re considering the commitment of a mortgage without being married, here are some things to be aware of before you start searching the market.

Relationship Status Won’t Affect Your Rates

It might seem like there are greater risks involved if two individuals purchasing a property are not legally bound, but it actually makes no difference to the mortgage lender. If two people are buying a home together, the lender is going to be assessing their credibility based on their individual credit reports and financial history, not on their relationship to each other. While it may seem like co-habiting will have an impact, the proof – as far as lenders are concerned – is in the numbers.

What’s Your Credit History?

Most people are aware of their credit history, whether they’ve had financial hiccups in the past or are still paying off a significant amount of debt. However, it is more difficult for some to know the financial background of their partner, and this can be more common when it comes to co-habiting. Because the lender will be looking at both credit scores, if you or your partner have had financial issues in the past, it can have an adverse impact on your application. While you may have a nearly perfect credit history, if your partner does not this can make mortgage approval more difficult.

In The Event Of Separation

Home ownership can involve significant hurdles after a divorce, but there will still be some legal and financial issues to wade through if you’ve never been married. Since it’s likely that you won’t want to continue to co-habit, there’s the possibility that one party will have to buy the other out, which can be a sizeable financial burden. While this type of situation may never come to fruition, it’s important to be aware of what might occur so you can be prepared.

There can be a lot of complexities involved in co-habiting whether you’re married or not, but it’s important to have an awareness of your partner’s financial history and be prepared for financial hurdles. If you’re currently on the market for a new home, contact one of our mortgage professionals for more information.

Filed Under: Real Estate Tips Tagged With: New Home, Real Estate, Real Estate Tips

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