Home Sales Rising – The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.
Home Sales Rising
Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.
Sales of homes over $250,000 increased by double digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 16.7%!
As prices in many markets continue to accelerate, it is no surprise to see the percentage of homes in the higher price ranges increasing.
The First Step To Buying A Home is Securing Finance
Before you go home shopping – online or in person – make sure your finances are in order. If they are, then you’ve probably visited a mortgage pro.
Your lender may have already pre-qualified you for a loan. This is when a lender takes a verbal listing of your income, debts, savings and other finances to determine a rough ballpark number of how much of a mortgage for which you’d qualify. The prequalification number is an estimate and holds no weight or guarantee that you’ll get approved for a mortgage or that the amount you were prequalified for won’t change—either up or down.
Take it one step further and talk to your lender about getting preapproved. What’s the difference? Details. When you are preapproved, you fill out a loan application and provide proof of your income, debts, savings and other finances that affect your ability to repay a mortgage loan. The lender will give you a detailed approval letter showing you exactly how much mortgage you’ll be approved for.
Preapproval allows you to shop confidently for a home in your price range. Additionally, when you make an offer on a home, the preapproval makes your offer look more desirable as the home seller knows your mortgage money is already prearranged and financing will not delay closing/settlement.
If you are eager to go home shopping, give us a call for a list of local lenders who can get you preapproved for a home loan. It’s a smart move that will save you time and hassle.
Mortgage Rates August 2016: Near Low-ScottsdaleRealEstateArizona.com
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Article: Gap Narrows Slightly Between Homeowner and Appraiser’s Opinions
Brought to you by
Jane E. Daley
Jeff Daley, PhD
REALTOR®, GRI, e-PRO, CLHMS
Luxury Valley Homes ® (LVH)
Article: Home Sales Rising