Every home buyer believes they’ve done their homework for their journey — until they realize they’ve been out-homeworked by somebody else.
Preparing to buy a home is not an accident.
According to a new report published by the National Association of REALTORS®, the typical MLS-listed home now sells in 31 days.
The data comes from the trade group’s Existing Home Sales report, which also showed 49 percent of U.S. homes selling less than a month after going for sale.
Experienced home buyers know: act fast or lose the house. And, part of “acting fast” is being prepared to act fast.
You can’t just find a house and make an offer on it, after all. For one, the seller wants to know you actually have the money to buy the house.
That’s where getting a pre-approval fits in.
A mortgage pre-approval is a signed statement from a lender that says that you, a buyer, could be approved for a loan against a particular house. They’re the real estate version of “trust, but verify”, which is why home sellers require them.
A pre-approval validates you and your offer as being legitimate.
If you haven’t been pre-approved, you’ll want to take care of it no later than a week before you start to tour homes. Every buyer needs one eventually and it’s good to be prepared in advance — especially because home searches go faster than most home buyers plan.
When you see a house you love, you’ll want the seller to take you seriously. Because, based on home sales data, that house won’t last on the market for long.
Are you a first time home buyer?
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When your lender says, “you have to act quickly” is not some high-pressure sales tactic meant to make you feel fear. It’s the truth.