Apr 25 2023

Your secret weapon in today’s housing market

housing market
housing market

Get a leg-up in a shifting housing market by leaning on a trusted professional for guidance.

To say that today’s homebuyers are feeling overwhelmed—by rising rates and prices, chronically low inventory, and talk of a recession—might be an understatement. Add to that the fact that real estate forecasts always seem to be changing, and it makes sense why buyers are ready to throw in the towel.

But many feel it’s still a good time to buy a house, if you’re prepared to do it. As Dave Ramsey recently said, the time to buy is “right now” since home prices are only expected to get higher. Mortgage rates have increased but remain below the historical average.*

This information isn’t always reflected in headlines; fear sells, unfortunately, and much of today’s housing market news is written for this purpose.

As the housing market shifts, one thing remains the same: Working with an expert is the most effective way to gain an understanding of exactly what’s going on in your local area and to come up with a plan that enables you to purchase.

How to navigate today’s housing market: Get guidance.

Here are a few things to keep in mind about our current housing market:

At face value, these factors make it look like it’s impossible to purchase. Headlines about “trouble brewing” and struggling homebuyers being edged out due to affordability challenges seem to agree.

In reality, the only way to know if these headlines apply to you is to meet with a mortgage expert. Doing so can provide you with several key benefits:

  • Market insight. A skilled, local Loan Officer will have a tight grasp on today’s housing market and can tell you when local market conditions are favorable.
  • Early **pre-approval. A Loan Officer can help you get **pre-approved as a first step. Early **pre-approval is preferred and may even be required by some Realtors in today’s housing market.
  • Specialty programs. Your Loan Officer may also have access to exclusive programs—like Academy’s early approval program, **Pre-Approval+. A program like this allows you to get mortgage ready in advance, helping to fast-track your home purchase.
  • Wide selection of loan products. A Loan Officer with access to hundreds of different loan programs can present you with multiple affordable mortgage options; this selection isn’t offered by all banks or lenders.
  • Helpful workarounds. If low inventory is making it hard to find a home, it’s worth chatting with a local Loan Officer. They can give you solutions you haven’t considered yet, like widening your search radius if you’re working remotely or using an all-in-one Renovation Loan to buy a fixer-upper.
  • Money-saving ideas. Depending on your needs, a Loan Officer may suggest several ways to minimize your upfront cost of buying. These might include using a low/no down payment loan, down payment assistance (DPA), or a Temporary Buydown to reduce your rate for the first few years of homeownership.

Did you know? Your offer is only as strong as your **pre-approval. Ask your Academy Loan Officer how you can gain assurance with **Pre-Approval+.

Every option won’t be a fit for every buyer. But consulting with a mortgage professional who’s looking out for your interests can be a great help in identifying which (of many) areas you might be able to save.

Once you find a home you love, an experienced Loan Officer could also help to save your deal from falling through. This can save you precious time. Academy Loan Officers have encountered scenarios where borrowers’ loans have been denied at the last minute—and have been able to pivot to a new loan and still close within days. (You can see an example of this here.)

Connecting with a Loan Officer can be useful even when you’re thinking about pressing “pause” on your home search. In this case, your Academy Loan Officer will sit down with you to put together a plan that gets you mortgage ready now so you’re ready to purchase when the time is right for you.

The bottom line: Having someone experienced to guide you is essential in today’s housing market. A mortgage professional can be your voice of reason, dispelling misinformation. A local mortgage expert can also help you maximize your housing budget, even at times when rates and prices are inching higher.

In today’s market: Peace of mind is priceless.

With the amount of information at our fingertips, it’s often hard to separate fact from fiction. This can be frustrating—and even costly—when you’re preparing to buy a house. A simple way to lighten your load is to lean on a local Academy Loan Officer for expert guidance: Find one near you.

**Pre-Approval+ is not a commitment to lend. Please consult a trusted professional as personal circumstances may vary. No specific results are guaranteed. Not all applicants will qualify. MAC324-1485882.