MINT HILL, NC – “Frenzy” is the word used to describe the housing market again by many. It’s becoming common for many homes for sale in Mint Hill, NC to receive multiple offers. An offer above the asking price is also rather common again – despite the higher interest rates.
If you’ve tried to buy a home recently but didn’t have success, you might be wondering when the market will cool off. Let’s look at a few potential answers to this question, along with some home buying tips you can use right now.
When to Expect the Housing Market to Cool Off
Barring any other circumstances, many experts expect the market to stay hot for sellers for a while. Even when the market starts to cool off, many believe the prices will continue to stay high for several months.
One of the main reasons many believe the market will stay hot has to do with many homeowners having refinanced their mortgages at very low rates in 2022. We are experiencing an extreme imbalance of supply and demand. New construction homes represent a large portion of the limited available homes in Mint Hill, however the demand still outweighs the supply.
If you’re willing to wait before you buy, you will likely have more choices. However, home prices will still remain high and mortgage rates are not expected to decrease in the near future.
3 Top Home Buying Tips for Buying Now
If you’re not interested in waiting to buy a new home, you might need some help. Here are a few tips for buying a home right now.
1. Get Pre-approved
If you’re not pre-approved for a mortgage, you won’t have much power in a bidding war. With pre-approval, you have a chance to buy a house, but without, your chances are very slim. Make sure you take the time to shop around for the lowest possible interest rate, too. This will help to ensure you have more wiggle room when you need to compete with other buyers.
2. Hire an Excellent Real Estate Agent
Your Mint Hill real estate agent will become your chief advisor when buying a home. During a seller’s market (the current market) you need the best agent you can find. A great agent will ensure you have the best possible opportunity to buy a home and compete with other buyers.
3. Shop Below Your Budget
When you get your pre-approval, don’t just shop for homes at that price. If you’re pre-approved for a mortgage of $500K, you should shop in the $450K range or lower. This will give you the ability to offer above asking price, if necessary.
Just keep in mind, most lenders won’t provide more than the property will appraise for. You may need to be prepared to bring more cash to the table if you end up in a bidding war.
Buying a home right now isn’t the easiest thing, but with a good agent, you’ll have a better chance. With the market expected to stay hot all summer long and into the fall, you need to be prepared if you plan to buy a home soon.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | annagrangerhomes@gmail.com | www.1stchoicepropertiesinc.com
