by Janet Nettles, Middle Tennessee Properties
A major contributor to economic growth is the strengthening housing market. The housing market is predicted to rise 3.5 percent this year with an increase of 5 percent in price and isn’t showing any signs of slowing down.
With the low inventory repeat buyers and investors are willing to take on remodeling projects.
With the tight housing market, realtors are having to direct buyers even more with the buying process.
When buying a house you need to be ready. Talk to your loan officer and get the paperwork they ask for in a timely matter.
- Have your paperwork in order, have your bank statements and your current tax return.
•Get a pre-approval letter, but having the exact amount on your letter is not a good idea. The seller may think the stated amount is the highest amount the buyer can borrow.
•When you find your dream house, make an offer. If you are in the market for a house, don’t delay. Delaying making a decision could result in missing out on the property you want.
•Don’t lowball your offer. Sellers will look at it as disrespectful and dishonest.
•Make your offer as clean as possible. Don’t nitpick, but don’t wave home inspections or appraisal. When sellers are comparing offers, the buyers want to make themselves look easy to work with.
Real estate demand continues to outpace supply. Home prices will continue to rise.