The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.
According to NAR’s Chief Economist, Lawrence Yun,
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
Writing an offer is exciting and the first step to buying your new home. When you have reached this point in the process, the homework has all been completed, and it's time to get down to business. Start with a comprehensive data analysis of sold comparable properties. Base your offer on real comparable data. We know what is available now and this is the one.. What will you need to make the offer?
Financing or Proof of Funds - Make sure everything is in line with how you will pay for the property and you have the funds accessible or a preapproval letter from a lender.
Be Prepared to Negotiate - My job is to get you the best deal as your buyer's agent. This means they won't always take the first offer. Every situation is different and we
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you