Why Pre-Approval is Key This Year Smallegan Real Estate

Houses are Selling Quickly

For many homes on the market, we’ve seen sales happen just weeks after they get on the market. This fast-paced turnover rate has become the new normal and is expected to continue full force in 2022. Furthermore, record-low inventory is driving multiple-offer situations. If you’re looking for a home this year, standing out from other potential buyers is incredibly important.

There’s currently limited housing inventory, which means there are many more buyers active in the market than there are sellers. That’s creating some serious competition. According to the National Association of Realtors (NAR), homes today are receiving an average of 3.8 offers for sellers to consider. As a result, bidding wars are still common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, which right now is statistically more likely than not right now. 

A Competitive Edge

Pre-approval gives you a competitive edge when you make an offer. It showers sellers you are serious about buying and ready to make a move.

Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important is being able to present a pre-approval letter that shows sellers you’re a qualified buyer. This is something that can really help you land your dream home in an ultra-competitive market.

Bottom Line

You want to be ready to make an offer when you find your dream home. If you want help with this fast-paced process, let us know. I can guarantee we’ll be able to help.

-Mike Smallegan