ST. LOUIS, MO/April 12, 2017 (STLRealEstate.News) A seller’s market is never good news for buyers wishing to score their first-time home in a budget range they can actually afford. Sellers know they are in control of the limited supply today, and they are using this positioning to their advantage big time. But, thanks to increased confidence in the economy, leading more people to make large purchase like new homes, this trend indicates securing a starter home even for the tiniest of budgets can be a definite reality in the future.
According to a recent report by the National Association of Realtors (NAR), the share of households that believe the economy is improving soared to 72% in the first quarter of 2017. “Forty-seven percent believe that strongly, up from 45 percent in Q4 2016 and 44 percent one year ago in Q1 2016,” stated NAR this past week.
Another new report, one by Redfin, reveals home prices in February increased 7.2% from a year earlier. That coupled with the lack of inventory isn’t a good buyer combination. However, here are a few tips for making the best of it all and scoring that starter home:
Professional Support: Buyers are going to want an agent who really knows the local community and neighborhood when buying a starter home. Realtors who know their turf are able to smell out deals before other buyers are aware they are available.
Pre-Approval: Do you homework before even beginning the search. Sort out your finances beforehand, have your credit score received, and reach out to lenders for tips regarding how to improve credit scores if they are less than stellar.
Compromises: It is undoubtedly a seller’s market, which means you need to be prepared to make compromises. If you fall in love with one home, keep looking until you fall in love with another home, just in case the first one isn’t available in your price range after all.