New home construction is on a terror surging 22.6% in July.
Mortgage rates hit a record low in August of 2.88%.
If you are considering a new home, now is the time. Prices continue to rise back up to pre-pandemic levels and demand is rising with it, as seen with the surging new construction.
But right now we are in one of those rare moments where pricing is still leveling and interest rates are unbelievably low.
With that being said, here are my top four tips for getting the home you want right now?
Outline Your Search
Take time to outline what’s important to you in a home. A good exercise is to write down and rank priorities.
Think of it as both a home and investment, this gives you an emotional and practical lens.
On the emotional side, you want it to be a place you envision yourself in over the next 3-5 years.
On the practical side, you’ll want to ensure it has features that will align with current and future trends for resale value, such as home office space, home gym access, outdoor living space.
Understand Your Finance Options
Before you start visiting properties, know what you qualify for. You can go to your lender and get prequalified which then allows you to search for homes in your price range.
Be prepared with a down payment but don’t let the down payment stop you from investing in the home you want. Most lenders will work with you on the options where you can often go as low as 5% of the home price.
Have a Bidding Strategy
With demand increasing and inventory still suppressed you may be in a position of competing with another buyer. Be prepared with the following.
- Know the max of your price range
- Separate the must-haves and the nice-to-haves and be prepared to forgo the nice-to-haves, such as small repairs.
- If you are set on the property then be prepared to accept the property “as-is”
- If the seller is motivated to sell you could offer to shorten the closing window
- Or if the seller needs more time and you’re flexible you can lease the property back to the seller for a short period of time
Be Prepared for Remodeling
If you find a property within your budget that has “good bones” and is in your preferred location, don’t dismiss it if it needs some work. Oftentimes this can be looked at as a blank canvas to build out the home to your specifications over time.
That being said it’s best to ensure it will be liveable. I often advise clients to look for at least one of the big three (kitchen, master bathroom, main living area) to be updated.
Do you need help find your next home in Atlanta? Contact me here.