As Prices Rise, Pre Approval is Wise

February 3, 2017

There’s good news for homeowners, as home values are reaching their highest levels since the 2008 recession. According to figures from the National Association of REALTORS®, prices are up significantly from 2015 to 2016, and are expected to rise even more in 2017.  

 

With the low inventory expecting to continue in 2017, researchers say prices in more than 1,000 U.S. cities could see their highest home values than ever within the next year.

 

A main reason behind the higher home values nationwide is the lack of available inventory for home buyers. As home builders are slowly getting back to speed with filing building permits for new home construction, many prospective home buyers are clamoring for the properties currently available in their respective markets. In economic terms, the overwhelming demand for the limited supply is driving up prices.

 

Prospective home buyers should be preparing themselves to be as competitive as possible when making purchase offers during the spring and summer buying seasons. Being flexible with closing dates and negotiation terms, and ensuring that they have solid loan pre-approvals will help weed them out from the crowds of less serious and less qualified buyers. Speaking with a loan originator beforehand will also nail down the exact home purchase price that home buyers will be comfortable with when it comes to making monthly home loan payments. Securing a seasoned real estate professional to assist in the search and buying process is also likely to make the process more efficient.

 

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Zach is a Mortgage Advisor with State Bank in Dublin, OH. He writes and speaks regularly on the mortgage industry, personal finance, business development, and leadership. His focused approach on educating clients through the mortgage process allows him to help hundreds of new homeowners each year. 

 

Learn more about Zach at www.mortgagecoachzach.com, find him on instagram @mortgagecoachzach, or call/text him at 740-398-4917.

 

 

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Contact

 zach.williams@yourstatebank.com

State Bank

4080 W Dublin-Granville Rd

Dublin, OH 43017

The State Bank and Trust Co. and its loan officers, are not liable for information, claims or agreements made by/between the public and third-party entities. These third-party entities may include, but are not limited to: builders, developers, or real estate agents. Even though the loan officer co-sponsoring this site makes efforts to update the information contained, much of it is provided by independent vendors and data feeds, and thus, this site may contain errors, outdated information or purchase conditions, promotions, incentives and/or possible omissions. The State Bank and Trust cannot guarantee the accuracy of information provided, and we encourage buyers to complete their own due diligence in making a decision to build or purchase a home. We also suggest that you seek the professional representation/advice of a licensed Realtor®, as well as any other licensed professional that is appropriate to your purchase decision, including, but not limited to: attorney, accountant, or certified financial planner. Visitors to this site are responsible for the use and decisions made regarding the purchase of a home with regards to the information contained herein. The State Bank and Trust Co. is an Equal Housing Lender. 


Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant. The State Bank and Trust is an Equal Opportunity Lender. | Privacy Policy