Finding it stressful buying in a hot housing market? In Pennsylvania, “Consumers expressed frustration with homes spending less time on the market, which led to feeling more pressure to find the home they want and make an attractive offer knowing that other buyers are interested in the same property. It is stressful for realtors, too.
Finding it Stressful Buying in a Hot Housing Market?
With a limited inventory of houses, we are finding it stressful buying in a hot housing market. So what can we do to lower the stress?
- Lydia Treadway, Realtor Bradley Real Estate in San Rafael, CA, suggests beginning at the end. “Have an ultimate scenario of where you are trying to go. What will life be like when you get there? How will it be better than where you are now? Dwell on that picture and write it out, fill up at least a page about how it feels in the new place. This simple technique of positive visualization will help you. Having the goal in front of you at all times energizes you to achieve it in spite of setbacks and frustrations. Emotions will run high, and you need an anchor
- Get pre-qualified. Talk to different lenders and see not only who offers the best rates and terms, but also manageable fees and costs. Lender fees can vary quite a bit from one to the next. The mortgage industry has three main types of lenders: The big banks have checking and savings accounts and car loans and home loans and just about anything you might need for your financial needs. Mortgage bankers focus on home loans, and they use their funds to make loans. Mortgage brokers contract with banks, mortgage bankers and private lenders to arrange for home loans. Pre-qualification gives you great information about how much house you can afford and allows you to move quickly if you find the right house.
- Find a realtor you can trust. Yes, you have unprecedented internet access to sellers’ information, but a realtor has years of experience that can help you with everything from the area, the appraising of a dwelling, the paperwork, the comparisons, and negotiation on price. If you need help finding a qualified agent, “Company” knows many agents we can refer you to for your first home purchase.
- Treadway says When things do not go as smoothly as you had hoped, don’t let emotions take over. Always ask yourself “What is my option?” because there are always options. When setbacks occur, I have found that asking yourself this question helps to defuse the situation and restore clear-headed thinking.
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