Today’s Market Is Competitive, So Being Ready as a Buyer Is Key The pre-approval process is more important than ever in today’s competitive market. With limited inventory, there are many more buyers than sellers right now, and that’s fueling competition for homes. According to the National Association of Realtors (NAR), the average home is receiving multiple offers, so bidding wars are the norm as buyers compete with each other for their dream home. Pre-approval can help you stand out from the crowd. It shows a seller that you’re a serious buyer. When a seller knows you’re qualified to purchase the home, you’re in a better position to be the winning offer. That’s because the seller will know you’re ready to move quickly. Freddie Mac explains: “By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, and you’ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don’t already have one.” Today’s housing market is changing day to day. So, you’re going to need guidance to navigate these waters. It’s important to have a team of professionals (a loan officer and a real estate agent) to help make your dreams a reality. Bottom Line A pre-approval letter is an essential part of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, it also shows sellers how serious you are about purchasing a home. Let’s connect so you have the expertise you need to tackle this step.
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