Buying a home? What to know before you start looking
BIRMINGHAM, Ala. (WBRC) - Right now, we are living in a sellers’ market when it comes to home sales. According to the National Association of Realtors, in March of 2021, the median single-family home in the United States sold for a record $335,000 compared to $261,500 in March of 2019. Not to mention houses are selling twice as fast and not on the market long, which means buyers’ need to be prepared to be able to make an offer as quickly as possible.
“Time is of the essence,” said Paul Constantine, senior mortgage banker at Atlantic Home Loans. “Those people looking to purchase a home need to be prepared before going out and looking at houses. You don’t want to be behind the eight ball, you have to have all your ducks lined up to make an offer as soon as you find the house of your dreams.”
Time may be of the essence as the booming housing market may start to slowly show a decrease. Freddie Mac is reporting the 30-year-fixed rate rose from two-point-nine seven percent in February to three-point-one seven percent in March. Though the NAR also reported home sales fell almost four percent at the same time.
“Higher prices are driving some home buyers to renting homes until the housing market stabilizes,” said Constantine. “Despite that sellers’ have the upper hand and buyers’ need to be ready or take the chance on missing out of the home of their choice.”
Constantine, in this video interview, lines out details you need to know before starting your search. Constantine has been in the mortgage business for 28 years and was a mortgage broker for 22 years. He can be contacted here or by phone 903-855-9600
Copyright 2021 WBRC. All rights reserved.