Purchasing in Today’s Market takes Shrewd Moves
The real-estate industry is slowly getting back on its feet, and that has been shown in the recent increase in prices of homes, all over the U.S. Ever since the real-estate crash in 2006, the housing industry, suffered as the value of houses decreased at an alarming rate. It all seems to be coming back now as there has been an estimated 15 percent increase in the value and price of a house. This is a significant increase in value, considering that it is the highest jump in house values since 2005!
Anyone who has ever studied economics knows the simple formula which suggests that demand increases the value of anything. So it is a trend that was bound to occur, but in actuality the increase in value has been brought about with fewer people looking to sell homes, and a plethora of buyers. This has been deemed the perfect time to list your house if you have been waiting for the value of your house to increase. Some people have even had bidding wars start over their houses this season.
Statistics have shown that the housing industry has recovered incredibly quick in the last year, and is continuing to go in the upward direction. So what should you do in order to take advantage of the real-estate industry today? Here are a few pointers to take into consideration.
Check Your Credit:
Your credit score plays a big part in allowing you to get a mortgage for buying a new home. You are now required to have a FICO score of 760 or more, in order to get a good interest rate on your mortgage, and buy your dream house. However, if you have a credit score of less than 650, then you will end up paying more for the house as your interest rate will be higher. The Federal Trade Commission released a study recently which showed that a large number of people suffered from paying more on their mortgage, due to errors on their credit score. So it is advised to get your credit score checked properly.
It is now considered essential to get pre-approved when you are looking to buy a house since people will take buyers more seriously and you will have a higher chance of buying the house if you are pre-approved for a mortgage. Do extensive research to find the best rates and take advantage of the real estate market today!
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