Tips for navigating buyers market

By Daphne Zollinger | Published Saturday, April 28, 2018

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Spring is traditionally a favorable time of year for home buyers. According to the National Association of Realtors, housing inventories are very low and are continuing to pressure home prices.

Recent data shows there is more demand than supply in the current market, which means conditions broadly favor sellers. Meanwhile, buyers are out there looking to purchase homes. Buyer traffic is up, and sellers are reportedly receiving multiple bids. The good news for buyers is home construction is rising, providing more options.

As of March 2018, Wise County’s current monthly inventory was at 2.8 months. In a balanced market, there would be six months of inventory. The average time on the market for homes in the county was 34 days and the median home price was $235,000.

Despite these conditions, homeownership remains desirable. The benefits of homeownership are still very evident and opportunities for buyers exist. Just because the current market tends to favor sellers doesn’t mean buyers can’t still find their dream home.

Greater Denton/Wise County Association of Realtors has identified several tips for buyers in today’s market.

First, before you start looking at potential homes, know your budget. Lenders will evaluate your income, savings and credit history to qualify and approve you for a mortgage.

Also, think about what you need and want in a home, whether it’s a certain number of bedrooms, a small yard, or a garage. Once you have a good idea about what you’re looking for, it’s easier to know it when you see it.

When homes are selling quickly, it’s important for buyers to visit the home as close to when it goes on the market as possible. Open houses are also a great way to see a lot of houses in a short amount of time.

Most importantly, work with a realtor. Whether you are buying or selling a home, using a realtor is a smart move. They understand their local markets and can negotiate on your behalf. Buying and selling a home is one of life’s biggest decisions you’re likely to make and a realtor expert can guide you through the process.

Daphne Zollinger is the president of the Greater Denton/Wise County Realtors Association.

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