Those who might be “on the fence” about buying a home should know that this is the best season to do so. The real estate market is in prime condition for home buyers because prices are in their favor. According to a survey, which was done by Prudential Real Estate on a national level, for 95% of US citizens, home ownership is valued as a very important life decision. Of those 95%, seventy-seven percent of them were aged between twenty-five and thirty-four years old. Statistics show that those “young professionals” interested in buying a home are now ready to do so, so they should definitely take advantage of this spring home buying season. If you fall into that age bracket and have been pondering the idea of purchasing a home for awhile, perhaps it is time to put your thoughts into actions.
In Good Company
Before jumping head first into the real estate deep end, it would be wise to contact a reputable title company, who can provide guidance throughout the entire process. Financing is probably the biggest issue that potential home buyers deal with, but with the assistance of a trustworthy title company, you will be able to see the breakdown of what you can and can’t afford. In addition, the title company can advise you on homeowner’s insurance, title insurance, and property insurance. The goal is to make sure you are well-informed and comfortable come closing day.
What’s the Score?
Credit score is a huge factor in regards to becoming a homeowner. It is not uncommon for people to have no idea where their score lands on the scale. Many folks end up completely surprised with the results, whether it turns out higher or lower than expected. Fortunately, credit score is not the only thing that determines whether or not you get approved for a home loan. In addition, even despite relatively low credit score, lots of people are still getting approved for VA and FHA home loans. This is good news, because it signals that the housing market is improving, slowly but surely.
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According to the latest data, the national housing recovery is very much underway. This means that list prices will increase along with inventory. Total listings seem to have increased by 1.15%, while a decrease was registered in the median age of inventory, reaching 9.26%. This means that many people who are interested in buying a home are taking the right steps in order to do so.
When you consider the number of homes for sale, both new and old, you have to take into account that each of those homes needs an owner. Just as with any competitive market, the more homes that are for sale, the better chance you have as a buyer to get the best deal. The odds are in your favor, so if you’ve been neglecting the home buying process because you think you won’t qualify, think again!