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The Pros of Buying a Home While the Market is Hot
It’s common knowledge that the housing market is hotter than ever. Even in the midst of the economy recovering from the COVID pandemic, homes are flying off the market. That’s due to record low interest rates, COVID changing people’s housing timelines, and the large millennial population in their prime age for first time home buying. If you’re thinking of buying a home in this hot market, there are some great advantages to consider.
- Get a good real estate agent, and be first in line on a great property
It’s true the demand for homes is up. According to data from Zillow, houses are currently staying on the market for an average of six days nationwide. That is a seriously fast turnaround! Sure, this means if you want to buy, you need to act quick, but it’s also important to note that sellers are listing their homes just as quick as buyers are purchasing them. New inventory is popping up all day, every day! If you’re partnered with a great real estate agent, they will be on top of new listings and help you navigate the process of securing your dream home quickly.
- Record low interest rates
The interest rates are lower than ever, and this means now may be the perfect time for you to afford a home that you wouldn’t have been able to a few years back. With the right lender in your corner, you’ll be able to understand exactly what you qualify for and how to get the most bang for your buck.
- Bigger home buying budget
Because the interest rates are low, your once limited home buying budget may now be more flexible—giving you more options. With more reasonable monthly payments, you may be able to purchase a larger home, or even use some of the extra money to fix up one in a more ideal location.
- Digital tools have made home buying easier than ever
Thanks to COVID, the real estate industry has become much more digital! This means buyers can now do a lot of their home searching, viewing, and even closings online in some states. Automating the home buying process allows buyers to be in the loop of their transactions more than ever before, thus streamlining the process.
How to Manage the Potential Cons of a Hot Housing Market
When the housing market is hot, it means there’s a lot of competition. This can deter some potential buyers. However, there’s an easy way to navigate these potential issues: trust your team of experts! Having a good real estate agent, lender, and title company on your side ensures the areas of uncertainty you may face can be effectively managed. By working with trusted housing market experts, your expectations and areas of concern can be planned around prior to an offer ever being made. Planning is key!
The bottom-line is, if now’s the time you feel called to purchase a home—and it makes sense for you—don’t be scared. Take advantage of some of the awesome positives to buying during a hot market!
Velocity Title, Along with Real Estate Agents and Lenders, Help Clients Navigate this Hot Real Estate Market
In today’s crazy housing market, Velocity Title is working hard to keep our clients moving forward. Our in-house real estate attorney and industry leaders understand how to navigate the current housing demands. Using the latest title technology and resources, we get our clients to the closing table fast—while effectively protecting their biggest investment. To learn more, click here or contact us today.