The #1 Thing You Can Do Now to Position Yourself to Buy a Home This Year......
The Orange County housing market slowed down the last few weeks of March caused by the COVID-19 outbreak. The rapid spread of this virus has been compared to prior pandemics and outbreaks not seen in many years. It also has consumers remembering the economic slowdown of 2008 that was caused by a housing crash. This economic slowdown, however, is very different from 2008.
One thing the experts are saying is that while we’ll see a swift decline in economic activity in the second quarter, we’ll begin a sharp rebound in the second half of this year. According to John Burns Consulting:
“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”
Given this situation, if you’re thinking about buying a home this year, the best thing you can do right now is use this time to get pre-approved for a mortgage, which you can do from the comfort of your home. Pre-approval will help you better understand how much you can afford so that you can confidently do the following two things when you’re ready to buy:
1. Gain a Competitive Advantage Today’s low inventory, like we’ve seen recently and will continue to see, means homebuyers need every advantage they can get to make a strong offer and close the deal. Being pre-approved shows the sellers you’re serious about buying a home, which is always a plus in your corner.
2. Accelerate the Homebuying Process Pre-approval can also speed-up the homebuying process so you can move faster when you’re ready to make an offer. Being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.
3. Have your Taxes completed
Filing your 2019 Taxes will make a difference as well. Even though we have been granted an extension on filing this year, it wont be a good enough excuse when it comes to qualifying for a home loan. File an extension but have every good intention of completing your taxes if you are thinking of buying a home.
Bottom Line Pre-approval is the best thing you can do right now to be in a stronger position to buy a home when you and the market are ready. Want to know how the Orange County Housing Market performed over the last two weeks of March compared to the first two weeks? Contact me today 949-324-2232