Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey
When the number of buyers in the housing market outnumbers the number of homes for sale , it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd . Here are three reasons why pre-approval should be your first step in the homebuying process. 1. Gain a Competitive Advantage Low inventory , like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner. 2. Accelerate the Homebuying Process Pre-approval can also speed up