Summer has been traditionally the best time to sell your home. This is because it is often the most expensive season for homes. While summer is more popular for home buyers, it will be harder to find available homes than in other seasons. We have highlighted some tips for homebuyers. It is worth knowing what to expect and what strategies you can use to secure the home of your dreams at the best price. Find out our top 5 tips for homebuyers to help with the search for a home in a new Atlanta this summer.
1. Learn the challenges
We recommend that homebuyers searching for new homes in Atlanta this summer have a solid understanding of the issues they will face.
The first problem is that home prices keep rising. Although prices have slowed in recent years, they continue to rise.
According to the National Association of Realtors (NAR), the “national median home price” rose 23.6% to $350,000.00 in May 2021.
Additionally, inventory is still far behind demand. This means that many buyers are competing to buy a few expensive homes.
Even though mortgage rates fell to historic lows a while back, interest rates are on the rise. Industry watchers anticipate this trend to continue.
These are the challenges you face as a Atlanta homebuyer this summer. It is important to hire an experienced agent Atlanta because they will have more knowledge than ever. For more information on what an agent can do, call 678-337-1165.
2. Get Pre-Approved Now
Buyers looking to buy a home in a new market_city this summer should apply for a pre-approval mortgage before they begin the house-hunting process.
In order to be ready to make an offer for a home on today’s market, obtaining a mortgage pre-approval is crucial.
An official written statement from a lender stating that you are eligible for a mortgage is known as a mortgage pre-approval. This determination is made after a preliminary evaluation and analysis of your credit, income, and financial records.
When you make an offer on a house, include a pre-approval letter to show the seller you are serious and qualified.
You will be seen as a serious buyer if you have a pre-approval note in your hand. You should compare lenders and apply for pre-approval at least three times to find the best deal.
3. Give a “Clean” Offer
Homebuyers searching for new homes in Atlanta this summer should ensure that their offer is as clear as possible. Before the current market conditions existed, sales contracts often contained contingencies.
These contingencies are less popular and less accepted by buyers due to the rising price, low inventory, and increasing demand.
Contingencies can be defined as clauses in contracts that stipulate that certain conditions must be met before the sale is allowed to proceed. For example, buyers can ask sellers to fix any issues they find during a home inspection.
A financing contingency means the buyer must have their mortgage approved before closing on the property.
While sellers may get more offers than buyers, buyers are less likely to need contingencies. Therefore, sellers prefer a “clean” offer without contingencies.
You can still be protected as a buyer by using contingencies. Make sure you consult an agent at 678-337-1165 to verify your offer before you waive all contingencies.
4. Find out about the local markets
We would be remiss if our tips for homebuyers didn’t include the reminder to research your local market. There are many local markets, so it’s important to understand what’s happening in each market. Here are some recommendations from experts.
“Home prices rose 9% on average between January and June. The most expensive time to purchase is June or July; the inventory is generally lower then.
However, some areas buck the trend and have the highest prices until December. Some areas are much higher.”
Housing market behavior is very localized. So get to know the one you want to buy.
This highlights the importance of working closely with an Atlanta experienced agent.
5. Choose the Right Agent and Lender
The last tip for home buyers is to ensure that you are working with the right agent or lender.
Houses fly off shelves. . . . It’s likely that you will need a pre-approval letter as soon as possible… Working with a loan officer available night and weekend is crucial.
Having good relationships with other real estate agents in your area is important. An agent should hear about listings before they go online.
Before they even go on the market, homes are being sold. Ask potential agents about their methods for finding listings before they are placed on the market.
Ask our agents about our rent-to-own programs if you are looking to move into your Dream Home this summer. You can start living in your Dream Home while you prepare to get approved for the best mortgage.
For more information on home buyers, please contact us today.