Welcome to this week’s JHT Market Update.

When house searching, it is easy to fall in love with homes that are outside your budget. So, before shopping around it is helpful to set realistic expectations and know how much you can afford to borrow.

In many cases, sellers require potential buyers to provide them with a pre-approval letter to just tour their home, let alone submit an offer.

According to a recent survey form Realtor.com, “of over 2000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

The nature of today’s market calls for buyers to be ultra-prepared to make a strong offer.

Inventory is limited, which has fueled competition amongst buyers. According to the National Association of Realtors, on average sellers are receiving 2.9 offers to negotiate.

The bottom line is that with low interest rates and increasing house prices, getting yourself pre-approved is a no brainer if you want your offer to stand out, especially since it’s at no cost to you as a buyer.

If you’re ready to buy this year or want to know what you can afford, reach out to us today and one of our agents can connect you with our trusted and preferred lenders.
To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 53 new listings on the market, 49 new contracts and 68 sales.

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.keepingcurrentmatters.com/2020/08/27/why-is-it-so-important-to-be-pre-approved-in-the-homebuying-process/