Are you planning on buying a house soon but hesitant whether or not you should? There are times when a worker or a corporate employee asks himself whether or not he should be more patient and wait for a few more before starting home shopping.
By springtime, it’s the season for home buying. If you want to get ahead of your home buying competition, maybe it’s about time you should jump into the housing market. Not only that but you can even avoid all of the higher mortgage rates which are forecasted. However, it’s also essential for you to plan and research your market. As such, let’s talk about why you should buy a home today and get a Mortgage Broker Grand Prairie.
Why You Should Buy A House Today
Did you know that the housing market’s busiest months are from April to June? During these times, there are a lot of people, most specifically employees, are shopping for houses, and there’s a lot of listings. When it comes to buying houses, it’s best to buy before the busy season begins. You might even get a greater chance of home sellers accepting your purchase offer which means you’ll end up within the lesser probability of a bidding war.
Rising Mortgage Rates
Mortgage rates have been slowly growing ever since December 2017. Even if these rates are seen to be affordable, the forecast shows that these will continuously rise in the coming years. Just as the rates are increasing, the monthly payments on new loans would also be affected because these will also rise. Not only that but the rates have a significant impact on the purchase price you are qualifying for. Lenders are qualifying home buyers based on factors such as your debt-to-income ratio or DTI.
When the rates increase, your DTI is affected which usually decreases the prices of the homes that you can afford, as well as your buying power. One great way of determining how much you can get qualified for is to go and get pre-approved before you go house shopping.
What could be the reason for the homes that are seen on the market during the off-season? Have you ever thought of these? Usually, it’s because they were not selling in the previous months or the need to sell fast. As such, these means that the home sellers want to negotiate. To get the best deal, you’ll have to compromise on what you are looking for your new home.
A Lot Of Industry Professionals
During the off-season, real estate professionals are not that busy and are only dealing with a few clients at a time. This means loan advisors, title companies, realtors and other real estate professionals have a lot more time that they can devote to helping you choose your dream home. You might have a quicker and smoother home buying process during these times.
These are just of the reasons why, as an employee or a worker in a company, should go ahead and plan your home buying process ahead of time.