The home sales slump of 2018 has been erased thanks to some home sale gains this summer, according to the National Association of Realtors®.
Existing home sales in August improved for the second month in a row. The National Association of Realtors® is crediting this bump to decreasing interest rates.
In August, sales of previously owned, single-family homes were up by 1.3 percent whereas, in July, they were up by 2.5 percent. Compared to last year’s slip in home sales, there was a 2.6 percent increase in 2019. Altogether, 5.49 million units were sold compared to 2018’s 5.35 million.
Part of why this is happening could be because buyers simply cannot resist today’s low interest rates.
Roseville homebuyers interested in entering the market can do so with confidence with a preapproval.
The loan preapproval process demonstrates to the lender the buyers’ credibility and gives them a competitive edge in today’s market.
When you get preapproved, you’ll know how much of a loan you can comfortably afford. This will save you time during the home search as you can narrow the home-search criteria.
When you appropriately filter your home search, you can spend more time trying to find the right fit. Many first-time buyers fall into the trap of not realizing the price point they should be in. Getting a preapproval changes that.
Armed with the details of your pre-approval, soon-to-be homebuyers have a new confidence. That’s because any last-minute loan surprises are eliminated. It also gives you peace of mind that you are ready to buy your home.
Having a preapproval increases your bargaining and negotiating power as well. Sellers may be attracted to your offer because they know it’s supported by a reputable lender.
Being well-prepared with a preapproval may also expedite the closing period. Mortgage approvals can take the longest during this phase, but it is less likely with a preapproval.
Loan preapproval simply increases your credibility to the seller. And in today’s market, with today’s low interest rates, that’s a powerful thing to have.
If you are interested in purchasing a home in Roseville, contact us today and we will take the time to understand your unique financial picture and goals.