Housing market recovering
Lately there has been quite a bit of buzz on the improving economy, the housing market recovering and what that means to the current housing market.
Housing prices have been on the increase for the past four months in more than 15 major cities all across the United States. In part this is due to a shortage of new home construction over the past five years along with homeowners being reluctant to list their current homes for fear of not being able to sell them.
While home mortgage interest rates have increased slightly during the past few months, rates are still very low and homeowners who have wanted to sell for quite some time now are in many cases highly motivated when a reasonable offer is presented.
Ready to become a homeowner? Here are a couple easy tips to get you started.
- Check your credit. Make sure everything is correct and up-to-date before even filling out the application.
- Go to your local credit union and get a pre-approval letter. This shows everyone involved you are serious and just not “window shopping.”
- During your home search process keep your spending in check. Your financial institution will probably check your credit more than once during the lending process and lots of new debt will raise red flags.
- If you are a first time homebuyer don’t forget to ask about first time homeowner tax credits.
- Get professional help by using a licensed realtor and accredited lending institution.