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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