The housing market is having a great year, and it sure is still a seller’s market. However, it is still a great time to buy. The number of homes for sale is steadily increasing, and more listings are coming to market each day which allows for more options for buyers.

With rent prices continuing to soar, many renters want to know if home ownership is in the cards. Rising rental costs make it seem impossible to prepare for homeownership, however, there are ways you can prepare to purchase your first home.

Start with your finances and get your credit in order. Look at your overall finances and credit score. This will allow you to look for ways to reduce your debt. Make sure you reduce debt as much as you can, pay your bills on time and use credit accounts responsibly.

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When supply is low and demand is high, prices naturally rise and that’s what’s happening in today’s Real Estate Market. Home prices are continuing to appreciate at near-historic rates, which creates challenges when it comes to home appraisals.

In the last few months, it’s become increasingly common for an appraisal to come in below the negotiated contract price. This difference is known as the ‘appraisal gap.’

As we enter the second half of the year, one thing is clear; the current Real Estate Market is one for the books. In 2020, the number of homes available to the marketplace fell to an all-time low and continued into the first half of 2021. However, in the last few months, more inventory is starting to enter the market for sale each day. This is good news for buyers that haven’t found the home that fits the bill yet.

Even though homes are coming up for sale each day, inventory remains a challenge in most states. With the lack of inventory coupled with high demand, high buyer competition and bidding wars are still a factor. Buyers are going above and beyond to make sure that their offer stands out from others.

When you are a first-time home buyer, sometimes you must think outside the box, especially with a competitive market like the one we are in today.

If you are having trouble finding your first home, here are a few tips and tricks to consider.

Are you interested in selling and curious what your home is worth? Your first instinct may to turn to an automated online home value estimator, such as Zillow, Trulia, or Realtor. The fact of the matter is that they generally use a computer algorithm to compare your home with other recently sold homes in the area. However, they can’t see inside your home. They are unable to put a price value on the condition, recent upgrades, features, etc. Even if you live in a neighborhood with comparable homes, each home differs substantially. Not to mention, these online generators could be undervaluing or overvaluing the price of your home. If you are ready to make a move, call our office. We have a team of experts that would be happy to provide a pressure free market analysis of your home.

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