If you’re thinking about buying a home in the Kalamazoo or Portage area, your first step shouldn’t be scrolling listings—it should be getting pre-approved with a lender.A mortgage
Good Things Come to Those Who Wait
Dated: January 29 2024
Views: 88
Are you a buyer in search of your next house, but can't seem to find anything? Are you a current homeowner, waiting for housing inventory to increase before you put yours up for sale?
It's no secret that rising interest rates have slowed down traffic and caused sellers to stay put. But if one thing is for certain, the housing market is constantly changing. According to a recent article in USA Today, "NAR Chief Economist Lawrence Yun in December predicted an upswing in the housing market. "'The demand for housing will recover from falling mortgage rates and rising income,'” Yun said. He said he expects housing inventory to jump 30% because higher mortgage rates caused homeowners to delay selling."
The short story is that your patience has paid off. 2024 might just be the time to make your move. With rates expected to decrease starting sometime in the second quarter, you very well could see movement in the housing market.
So how can you prepare?
If you're a buyer, the first step is to contact a trusted lender to get pre-approved. Most sellers want to see that you are prepared to "put your money where your mouth is" before they'll accept your offer. Second, save that money you need for a down payment. There is no hard and fast rule, but typically 20% of the purchase price is what many lenders want. Finally, interview and select your trusted Realtor. You'll need someone who knows the market, knows the neighborhood, and can show you homes that meet your goals.
Sellers should begin preparing their home to list on the market. There are several steps you can take if you're in that position. I cover many of those steps in my home seller's seminar. If you can’t make one of my seminars, email me and I will send you a copy of the presentation. In the meantime, just be prepared to replace worn out equipment like furnaces and hot water heaters, and repair items like the roof. Do any sprucing up that your budget allows, including fresh carpet and paint on the interior and major landscaping items on the exterior.
If you need some advice or would like a free consultation, I am always available!
Matt McCarty
Matt McCarty is a top-rated eXp Realty REALTOR® serving Kalamazoo, Portage, and the Greater Kalamazoo area. Known for delivering consistent results and earning dozens of 5-star client reviews, Mat....
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