Lack of inventory has been the one constant throughout the real estate market for the past several years. Depending on whether you are a buyer or seller, this will be a significant factor in how you deal with the process.
If you’re a buyer, it may take time to find the right home for you. Be patient. Once you do find your dream home, be ready to move quickly. Get pre-approved for a mortgage, make a competitive offer, and prepare for a possible bidding war. Know just how far you can safely go to secure a home and trust your real estate agent to have knowledge you might not have. Also, consult with your local lender and determine the max amount you could afford for a purchase.
If you’re a seller, know that you are, in some ways, in the driver’s seat. With the shortage of inventory, you are in a good position to negotiate the best possible terms. You have the advantage of determining price, moving date, possible repairs, or anything else with the potential buyer. Don’t be unreasonable but understand that you probably have the upper hand.
According to the experts, real estate will remain a strong factor in the economic climate going into 2021 and 2022. If you are hampered by challenging circumstances, such as difficult to prove income, weak FICO scores, or are just in a hurry to close a deal, give Sun Pacific Mortgage a call at 707-523-2099. We specialize in private lending mortgages for precisely these situations.