At the start of 2021, the housing market experienced an increase in home prices combined with low inventory. Together, they created a high buyer demand along with cutthroat competition, especially in suburban areas.
Forecast trends for the summer 2021 housing market include an increase in home inventory, although it should continue to be a seller's market. To maximize your chances of securing a new home this summer, follow these tips:
Get pre-approved. When looking at purchasing a home, you want to give yourself a leg up against the competition. Getting pre-approved means you've given your lender the verified information it needs to give you a loan. Being fully qualified can make a seller more likely to sell to you versus someone who hasn't gone through the process.
Consider a fixer-upper. Due to inventory constraints, you might want to consider a home that needs a little extra work. But try to avoid a home that has major problems, and instead focus on one that has superficial blemishes or design issues.
Prepare for a bidding war. In more populated areas, bidding wars might be on the rise and become the norm like they did several years ago. Avoid letting your emotions get the best of you, and trust your gut when it comes to buying your home.
The competitive housing market is expected to continue at least through the end of the year. If you need further assistance, don't hesitate to reach out to a real estate professional or loan officer for more information.
Sources: Mymortgageinsider.com, Realestate.usnews.com, Realtrends.com, Foxbusiness.com