How to Finance a New Home in a Seller’s Market

How to Finance a New Home in a Seller’s Market
  • Opening Intro -

    Currently, the housing market is a seller’s market.

    That means that those looking to buy a home are competing against one another to get homes, rather than sellers competing to sell.


However, you don’t have to settle for less than what you really want if you play your cards right. Here are a few tips for leveraging your finances to your advantage so that you can get a good home at the right price.

Consider looking further away from your target neighborhood

While being at the heart of everything is ideal, houses in close proximity to amenities, jobs, schools, and entertainment cost more money than rural homes. Moving over just once city, even one neighborhood from your target location can make a major difference in property costs.

The further away from the urban sector you go, the lower the cost of home ownership. Coastal regions are also considered highly desirable real estate. Therefore, if you want to aim for a more affordable region, the South and Midwest will be much cheaper.

Hire a real estate agent

When you want a deal on a home, then a property agent can be your biggest supporter. Agents have connections in your area and many of the surrounding communities. These people often get advance notice of hot properties before they go on the market.

Your agent can get you in an advanced showing to ensure you have the best chance at finding a great home with a smaller down payment. Working with an agent can also give you insight to more homes sold by individuals rather than by real estate companies, which can sometimes mean lower costs and easier negotiations.

Look for grants and government programs

Seller’s markets are tough conditions to overcome. This statement is especially true when you are a first-time home buyer. Many people do not know you can get home down payment assistance both from private companies and the government.

You can get special grants as a first-time home owner, and those who are on their third or fourth home can even get special assistance with downpayments through specialized loans. As long as you can afford the mortgage payment rates themselves, there are many options to help prospective homeowners cover the down-payment costs.

other valuable tips:

Leveraging credit for lower down payments

When you have good or excellent credit, you can often negotiate with the bank or loan holder for a smaller upfront fee. The higher your credit, the better your chance of getting assistance for purchasing a home. Your credit standing gives lenders a good picture of your payment abilities and history. You can also use this to leverage for lower rates, and in some cases, lower overall costs.

Good credit is built up by taking and paying off small loans over long periods of time. Payments on your car, rent payments, and even using your credit card for groceries can help you build up your credit to show you are reliable at paying off your debts.

Getting your dream home may not be easy in a seller’s market. Tough conditions and multiple bids can mean losing out on the one property you want. However, it doesn’t have to mean you lose out on a good home entirely. Take the time to prepare your finances and consult with professionals so that you are ready to leverage your finances to your advantage.

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Consumer Tips reference:

GUIDE: payoff your mortgage fast


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