How To Buy A Home In 2017: Record Housing Sales Spark Real Estate Wars Across US

Prospective homeowners bought houses at a rate not seen since 2007 when a decline in housing crises precipitated one of the worst financial crises in recent history. Last month's uptick in the sales has led to higher prices as the number of available homes on the market rapidly dropped, the Associated Press reported Wednesday.

The figures came despite rising mortgage rates and were attributed to a strengthening of the economy including increases in jobs, wages and consumer confidence. As a result, the number of homes for sale dropped to 1.69 million, one of the lowest figures on record since records began in 1999. Several metropolitan areas including Denver and Seattle reported their lowest supplies ever last year. Now contracts for houses in these cities and many more are being signed less than a month after houses are listed.

While the development may be good for growth, it means those looking to buy homes are scrambling for existing options as listings disappear and prices increase. Some useful tips for prospective homeowners can help make the process much easier.

Saving Up

At a time when listings are at their lowest in a decade, it's important to get your foot in the door. You may be eager to start searching, but making sure you have the money to lock down a potential home is crucial when competition is high. Anticipate a mortgage down payment of 10 or even 20 percent. Evaluate your credit score and what you believe you will truly be able to afford.

Decide On A Neighborhood

Numerous studies have proven a relationship between one's neighborhood and happiness. A home's location may also affect health and education. Different settings are suitable for different lifestyles so prospective homeowners should spend as much time in an area as possible to understand if it checks all the right boxes.

Find A Good Agent:

Not everyone uses an agent, but it makes life a lot easier during what will already likely be a complicated, expensive process. It may be wise to locate what's called a "buyer's agent" rather than the readily available agents that are listed. Those agents are likely working with the seller to achieve an end price favorable to them. It may mean signing a contract upfront costs but it could also mean big savings in the end.

Appraisal/Inspection

Closing a deal should wait until every nook and cranny has been inspected. A qualified, independent professional should be able to evaluate the cost of a home, including any anticipated repairs.

Closing

A check, or perhaps a "bunch of checks," ends what often is a long and tiresome journey.