1) Pull credit- this will give you a better understanding of where your credit score is before you meet with a lender. This will be helpful when shopping for lenders.
2) Maintain or improve your credit- Typically a score above 750 is an "excellent borrower". If you're not quite there, meeting with a lender or credit repair specialist to improve your credit score can change your loan options and amount down. Its usually best to pay off bills in full each month and maintain multiple different types of credit. (Credit card, car loan, unsecured loan, etc…)
3) Establish a team- Its never too early begin working with a team consisting of a lender, realtor, escrow officer, tax preparer, etc… Each will provide valuable informaion that will be useful when purchasing. Whether your 6 weeks or 6 months out, preparing now will help position you better when you're ready to buy. I love taking in new buyers and forming a specific game plan to fit their time frame. Looking at inventory now will help buyers better understand the market, its pricing, and how long homes are staying availble.
Our local market continues show improvement in just about every measure.
September data shows we are on track towards recovery.
· Pending Sales: Up 22% from same period last year.
· 5 consecutive months of gains (first time since 2007 5 STRAIGHT gains!)
· Median Sales Price: Up 10% from same period last year.
· An average of 45 homes were sold per day in September.
· Number of Homes Sold: Up 21% from last year.
Nationally, the National Association of Realtors are releasing numbers that also continue to show strong signs of recovery.
· Pending Sales: Up 14.5% from same period last year.
· Existing Sales: Up 10% from last year.
· Median Sales Price: Up 11% from same period last year.
· Less than 1 in 4 properties are distressed (Foreclosure or Short Sale)
In summary, both nationally and locally, housing is strong compared to recent years. No, we aren’t back to where we were, but were headed in the right direction. Interest rates remain attractive and low levels of inventory make it a great time to sell. Ask around, talk to your co-workers, friends, and family of anyone who have recently looked for a house and they’ll tell you how competitive it is. Multiple offers and homes selling at or above list are happening daily. The ship has sailed for those “killer” deals.
My take: Having the power of knowledge will help you maximize your profit in our competitive market. Make sure you have the right player on your team to help you sell for more and buy for less.