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Monday, May 25, 2020

Home Buying Hassles: Low Inventory, Bidding Wars, & More

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If you are shopping for a new home this year, there are some things you should know before putting in an offer. Here are some potential issues to be aware of as you begin your search.

According to the National Association of Realtors, existing home sales dropped 1.2 percent last month. And while the market may be cooling, the supply of homes on the market also remains low. Realtor.com reports that there is currently a 4.59-month supply of homes on the market, which still firmly plants us in a sellers market. That needs to be 6+ months for a balanced market and 7+ months for a buyings market.

The low inventory is keeping prices and competition high. The interest rate has leveled off and mortgage rates have declined slightly, which adds to the amount of competition among home buyers. Make sure you hire an experienced real estate agent who knows your local market and can help you guide you through any multiple offer issues that may arise.

There is good news for home shoppers though. According to Zillow, the number of of homes that sold for more than their list price dropped to just 19 percent in December of 2018. On top of that, those that did sell above asking price typically brought in $6,830 more – down from $7,000 the year before.

In addition to an experienced agent to help with your purchase, getting a pre-approval letter from your lender, limiting contingencies in your offer, and being flexible on the closing date can all help you secure your future home.

If you are buying a new home, it’s essential that you review your insurance policies and ensure you are adequately protected. Safeguard your most valuable asset with AAA Home Protection plans, which offer options for home warranties, home security, flood insurance, and disaster mortgage insurance.

Call one of our expert insurance agents at 1-866-315-1252 or visit us online to find your local AAA insurance agent.

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