When you are finally ready to take the plunge into home ownership, you don’t have control over whether it’s a Buyer’s Market or Seller’s Market at that point in time. Real estate forecasting is notoriously difficult, so do the best you can with the conditions you’ve got. Luckily, Premium Mortgage Corporation of upstate New York and Vermont is here to make working with a mortgage broker fast and easy, so you will be ready with your financing in hand when you find your dream house.
Here are some other things you can do to manage a seller’s market when you are looking to buy a new house:
- Get Prequalified For Your Loan: A seller’s market means that not many homes are available in your area, rendering more buyers than sellers. This causes prices to remain high, and the competition is great for a quality home. If you are in competition with other buyers, you will need be ready to come in quickly with an offer. Having your paperwork in order with a mortgage broker or loan officer will make your offer far more attractive to the seller.
- Know What You Can Afford: Sellers may take advantage of the market to offer their homes at inflated prices. It is fine to visit homes that are out of your price range and make a lower offer but use a mortgage calculator ahead of time, so you know your upper limit — and stick to it, even if it means walking away from a house you like.
- Be Ready To Compromise: No home is perfect, so it is crucial to know what features you need and which ones are wants. Be willing to compromise on some amenities, but don’t settle for a house you will not be happy with just because you feel pressure from the seller to move quickly.
If you believe you are ready to buy a house, before you start looking call Premium Mortgage Corporation in Rochester at (585) 241-0000. You can also reach out to local offices in Buffalo, Syracuse, and Barre, VT by visiting their website.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS