The current housing market conditions are becoming a little better for potential homebuyers. According to data from the industry, the supply of homes for sale is rising which gives buyers more choices to choose from. Potential buyers do need to remember that it is still a seller’s market so you should still be prepared when making an offer. Here are three tips to follow when buying a home from professionals in the industry. 
1. Understand How Mortgage Rates Impact Your Homebuying Power
As mortgage rates increase, a homebuyer’s purchasing power declines. The higher the rates the less you are able to spend when it comes to the final purchase price on a home. Currently the mortgage rates have been on a roller coaster as they have been going up and down a good bit. A homebuyer needs to stay up to date on what is happening with the rates on a daily basis. If your budget gives you $2,100 to spend on a monthly mortgage payment, the interest rate can have a huge impact on how much house that monthly payment will buy. If your interest rate is 4.2% you can purchase a bigger ticket price than if your mortgage rate comes in at 6.5%.
2. Be Open to Exploring Different Options During Your Search
Even though the supply of homes is increasing, we are still historically low on supply of homes. If you cannot find a home during your search, you might want to expand your search filters so you will have a bigger selection of homes. When expanding your search, include condos, homes and townhomes and expand your search area giving you more options.
3. Work with a Local Real Estate Professional for Expert Guidance
In a nutshell, professionals in the industry say to be prepared when you go to buy a home. “Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open,” says Jeff Ostrowski, Senior Mortgage Reporter for Bankrate.
If you are a first time homebuyer or a seasoned homebuyer, using a real estate professional is a must. They can help you navigate the current market and find the best home for you. A real estate professional can also negotiate and put the best foot forward so your offer will stand out above the rest.
