Why Having A Pre-Approval Is Key for Homebuyers in 2022
Why Pre-Approval Is Key for Homebuyers in 2022
With limited housing inventory, there are many more buyers active in the market than there are sellers, and it's creating some serious competition. As a result, bidding wars are still common and a pre-approval gives you an advantage if you were to get into a multiple-offer scenario, and these days it is very likely that you will. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war.
Every step buyers can take to gain an advantage is crucial when today’s market is constantly changing. Interest Rates are rising, prices are going up, and lending institutions are regularly updating their standards. You will need guidance to navigate these waters, so it is important to have a team of professionals such as a loan officer and trusted real estate advisor making sure you take the right steps so you can show your qualifications as a buyer when you find a home to purchase.
In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your home budget, but it shows the sellers how serious you are about purchasing a home.