Many potential home buyers stopped their search within the past couple of years due to the heavy seller’s market. If you are one of them, now might be the time to pick up where you left off in your home search. Currently, the housing inventory is starting to increase which is giving home buyers a bit more of an advantage. Do keep in mind that it is still a sellers’ market so here are three tips professional suggests to get your dream home in today’s market. 
1. Understand How Mortgage Rates Impact Your Homebuying Power
This year mortgage rates have been on the increase, putting them above the historic loans we have seen over the past couple of years. There is still wiggle room as the rates have continued to fluctuate. When you are in the midst of your home search, it is always best to stay on top of the current rates. Understanding how interest rates can impact your purchasing power is important. For example, if you have a budget of $2.,100 – $2,200 for a monthly mortgage payment, a spike in interest rates can hurt your overall purchase price. If the current interest rate is 6%, your top price would be $360,000, if the rate was 5.5% the most you could afford for a home is $380,000, and if your interest rate came in at 4.75% you could afford a house up to $420,000.
2. Be Open to Exploring Different Options During Your Search
Even though the inventory of homes on the market is increasing the supply is still low and demand is still high. This means that you might have to get creative with your search along with expanding your search options. Professionals suggest opening up your search area, for example, if there is a location that you have ruled out in the past, you might want to circle back and take another look at the area. Also, open up your search to include other housing types such as townhomes or condos and not just single-family homes.
3. Work with a Local Real Estate Professional for Expert Guidance
“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook if you go in well-prepared and with your eyes open,” says Jeff Ostrowski, Senior Mortgage Reporter for Bankrate. Even if this is not your first home-buying experience, it is always advantageous to work with a real estate professional. A local sales agent can not only help with your search for an available home but can also help you understand the current market. A sales agent can also get you the best deal by using their expert skills as a negotiator on your behalf.
No matter where you are in the home search process, understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. Remember working with a local real estate agent is the way to go when purchasing a home.
