Today I wanted to share some tips with you I found from Zillow on why it’s so important to get a pre-approval and how it’s going to keep you from getting in the front door without one!
Fast paced market:
With everything online and so many resources available, like social media, it’s not hard to get find properties anymore! You can even text a realtor on the spot and see homes within that same day! Home shopping has become a lot easier and a lot more efficient which means a home can be listed for sale, and sold within that same day before you even got a chance to notice it.
What you can afford vs. what you think you can afford:
It used to be that you planned on staying in a home for a while, but with moving around often becoming more typical these days people are less focused on long term investments and more focus on the here and now, meaning they want the lowest monthly payments as possible. Knowing all your options and what monthly amount you can afford really makes it easier to know your over-all limit on a home.
Competition can be rough:
Now a days if you don’t have a pre-approval in hand, your offer might not even be looked at! Most sellers don’t want to take a chance on an offer falling through because you don’t really know what you can afford, plus that’s extra time after of the offer is accepted that you’ll have to take to get pre-approved and get the process moving. Time means everything in the housing market and being ahead of it makes you a better buyer.