As the housing market becomes more competitive buyers need to be prepared. Save your money, clean up your credit report, and get pre-approved before you start the home search process.
Not every home buying market is competitive. Where housing prices are high, demand far outweighs supplies, and all-cash offers are more common, but the given expectation that mortgage rates and home prices will continue to rise around the country over the next few years, the most important thing prospective buyers can do is be financially prepared as early as possible. Buyers must be ready to make quick decisions as their markets begin to heat up. Before even starting your search, save as much possible for a down payment, clean up any blemishes on your credit report, and get pre-approved for a loan.