Buyers should consider what would go wrong in this kind of market. A bidding war could entice you to spend more than can afford. An inflated price could leave you paying more than what you could sell the house for down the road if prices fall.
Study whether prices in your city are being driven by low inventory, which could be a warning sign, or a solid economy. which could sustain prices.
Set a budget and stick to it. And see if new homes may hit your local market soon, which could cool things down.
Keep in mind that it could still be a good time to buy. Mortgage rates remain near historic lows and home prices could keep rising.
House hunting can be difficult when homes for sale are hard to find. Listings have grown scarcer in many cities. A shortage of listings can have a significant impact on prices.
As a result buyers should figure out what they can afford to spend ahead of time to avoid bidding wars. Once you set a budget, stick to it. Be prepared to walk away if prices get too high.
Be sure the monthly mortgage payments will leave enough left over for living expenses and emergency funds. Think about how you would cover the cost if you were temporarily unemployed.
Good luck happy house hunting.
Author:Kim Powell Phone: 919-271-5104 Dated: June 29th 2015 Views: 599 About Kim: ...
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"My husband and I decided we wanted to buy our first home and we started looking online for homes and started calling a few realtors. Some of which were not very professional, and did not really go at the fast pace we were wanting. I found myself being uninformed, stressed, and with little homes available. That is until, thankfully, my husband and I met Kim, and the buying process changed completely. At first, Kim met with us to see a house at our convinent time, and she already had a few more houses ready for us to go see. This impressed me a lot since other realtors would only show what I requested. Kim is an upmost professional realtor. She went over lots of information we had no clue about, and she communicates at all times, and answers all questions at any time. She really had our family's best interest at heart. I know other realtors we talked with just wanted us to check THEIR website for available homes. Kim NEVER dropped the ball on us and always worked so hard doing above and beyond what we expected. She wanted us to really love our home. We had lots of bumps in the road regarding different aspects of our loan and Kim really helped fix all of those and really made the process go smoothly. If you are looking for a professional, hard working, agent, I would totally recommend Kim! She really goes the extra mile for her clients. "