Market Trends

Is the Housing Inventory About to Rise?

I am not telling you anything new. Housing inventory has been at a record low. Of course, that’s been great for homeowners who want to sell HIGH. Though for the Buyer, it has been challenging to view affordably-priced properties.

I believe A SHIFT IS ON THE HORIZON. Here’s what I am seeing :

Accordingly to a survey of prospective sellers, about two-thirds of homeowners who plan to sell their home this year expect to list by the end of the summer
For many people, life has now returned to normal. As a result, we are seeing a more traditional 2022 busy season, in which home inventory surges during late spring and summer
At the same time, as sellers are preparing to list their properties; buyers are beginning to explore non-traditional lending options to deal with the increased mortgage rates
And lastly, More homes are being built

Give me a call at (317) 625-0655 to talk through your specifics. It is possible to get you in a new home this year!

Increasing Prices of Starter Homes

Over the last few months, we have seen the prices of Starter Homes in the Indy area go from $265K to a whopping $325K. That is huge for first-time buyers! Adding this to the already overwhelming process can be devastating.

Know that it doesn’t have to be. You just need to talk through your plan with a trusted advisor to help ease your worries during this journey. We have a ton of resources to help Today’s Buyers

Things like:

I am happy to jump on a call to discuss your specifics. So give me a call at (317) 325-0655!

Preapproved vs. Prequalified. Is one more important than the other?

Do you know the difference between being preapproved and prequalified when buying a home? And is one more important than the other in today’s market? If not, you must read on….

First of all, what does Prequalified mean?

Getting prequalified for a mortgage loan requires that you select a mortgage lender (Don’t know who to call? I have a few that I worked with for years and come highly recommended) to work with and obtain your loan. A Mortgage Pre-qualification is a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other documentation.

So what does Pre-approved mean?

Being preapproved means that you have gone through the pre-approval process with a lender. It includes filling out an application, providing financial documentation, and a credit check. A mortgage pre-approval letter is a document from a lender that states you are preapproved for a loan for up to a specific dollar amount. Read more

So to answer the question, Is one more important than the other?

Being preapproved can make the difference when you are ready to make that offer in today’s market. And unfortunately, we are starting to see a pattern of deals falling through due to financing. At what seems like the eleventh hour, several buyers are learning that the amount they were prequalified for was overestimated, and they can no longer afford the house they fell in love with and have to walk away. Being preapproved can help alleviate this type of stress.

There are a lot of moving parts to the home buying journey. If you need some help talking through this financial piece, call me at 317-625-0655. I am here!

For more Helpful Resources on Financing, Click here