Pushed forward by record-low interest rates, the past few years in real estate have been the very definition of a seller's market. Buyers needed to be on their “A” games, getting pre-qualified before making offers to be taken seriously, and often competing for homes with above-asking-price offers.
Sellers often had their pick of offers to choose from, and the numbers show sellers enjoyed record home prices.
But what a difference a year makes.
Buyers Have More Choices
These days, buyers are often in the driver's seat when it comes to real estate transactions. Sellers may now consider concessions to get buyers to purchase their homes as real estate prices have cooled from record highs.
More Home For Your Money
And as home prices come down, buyers may be able to get more for the same amount of money. This could benefit buyers across the board, whether they’re buying a home for the first time, buying a larger home to expand, downsizing, or even purchasing investment properties or second homes.
Expanded Loan Programs
Another result of real estate market changes has been expanded loan programs providing more buyers with more options to purchase homes.
Here at Gulf Coast Bank, we’ve worked hard to introduce new or expanded lending programs such as bank statement loans for self-employed and contract borrowers, 2-1 buydown programs allowing sellers to pre-pay costs to give buyers a lower interest rate temporarily, no-down payment options on construction loans, investment property loans, and many more.
Not Everything Has Changed
One of the best things about the hot real estate market over the last few years is that many buyers and real estate agents became aware of the importance of getting pre- qualified BEFORE you go shopping for a home, something our team has encouraged for years.
Getting pre- qualified means you’ll know exactly what your loan terms will be, and you can shop with confidence, knowing that if you find a home in your pre- qualified price range, you have a good chance of getting an accepted offer.
So don’t let the changes in the real estate market make you think it’s OK to skip getting pre-qualified.
Find one of our lenders at a branch near you to start the process today, so you’ll be ready to make a great offer when the right home comes along!
