Three Great Buying Strategies for the Current Real Estate Market

Three Great Buying Strategies for the Current Real Estate MarketOne of the main factors driving real estate news headlines in 2022 is rising mortgage rates. As mortgage rates increase this has greatly shifted the demand for homes and helped to even out the market slightly. However we are still within a seller's market and home inventory, though it has increased, remains low.

In addition to this, the National Association of Realtors has shared that compared to one year ago the average monthly mortgage payment has increased 53.7% and is now $1944, last year's average payment average was $1265.

For potential homebuyers this can seem like purchasing a home may be impossible now more than it ever was. It has caused some buyers to put a pause on their plans and if you are considering pricing as well, buying a home may feel impossible. It is a good idea to look into your personal facts as well as take an in-depth look at real estate in your area to determine if you personally should purchase a home.

If you are financially ready to purchase a home it is possible to successfully buy a home within your budget even as mortgage rates are on the rise.

Here are some great buying strategies for 2022

Expand your search location and home type criteria

If you truly wish to purchase a home to begin building equity and have found a location that you love you may want to consider extending your search area just a bit wider and tweaking your home search criteria slightly.

Changing where you purchase a home or what features in a home you are searching for doesn't mean you have to completely change what kind of home you are looking to buy and end up hating the home you purchase just to say you want one. You can make some minor adjustments and find that homes are surprisingly more affordable when you make just a little change to your home search.

You may even find that the area you move into over the next five years becomes the new up-and-coming most desirable area making it a prime location to sell a home.

Look for alternative financing

A common thought a majority of buyers have is they have to go with the loan that they have already been offered. If you have not yet officially applied to purchase a particular property and signed the final paperwork, you do not have to stick with the preapproval or prequalification numbers you have been given from a lender.

You may find by stretching your search for available mortgage products that you can find one that will enable you to more easily afford purchasing a property you love. It is worth talking with a mortgage broker if you have not done so to exhaust every option possible within healthy parameters for your personal financial budget. Make sure to work with a mortgage broker that is well experienced in finding options for out-of-the-box situations.

Search for homebuying assistance

There are many options available in all locations across the country to help buyers afford homes and begin building their dream of ownership. It may be a good and helpful idea to search for grants, gift funds, or down payment assistance programs to help you afford a home. You can ask your realtor if they know of programs available in the area or if they have knowledge of where you can search for these offerings in your area.

It is always a good idea to hire a real estate professional to help you adjust buying strategies and look for possible ways to get you into a great home as the market shifts.

For more information on purchasing real estate in Omaha and surrounding areas please contact us anytime.

Additional Advice for Buyers

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