3 tips for home buyers

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Real estate has gained significant attention since 2020, particularly due to the pandemic's impact on prices and mortgage rates. This spike has especially affected young home buyers, pushing the median age of buyers up by 10 years compared to two decades ago.

For first-time buyers entering this challenging market, three key strategies can help navigate the hurdles:

  1. Act swiftly due to low inventory and high competition, as homes are selling faster than before.

  2. Secure mortgage preapproval to show readiness to sellers and avoid financial hurdles post-offer.

  3. Plan a realistic budget and be prepared to offer above asking price, considering the current market trend of homes selling for more than the listed price.

These strategies can enhance first-time buyers' chances of achieving their dream of home ownership in a competitive real estate landscape.

 

Source: BDN

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