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Newspaper Archive of
Shelton Mason County Journal
Shelton, Washington
February 15, 2024     Shelton Mason County Journal
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February 15, 2024
 
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3 tips for first-time home eal estate has garnered consider- able attention since 2020, and or good reason. Though specula- tors and real estate professionals may point to a number of variables that have affected the market for homes in re— cent years, the pandemic certainly was among those factors. Real estate prices and mortgage interest rates increased significantly during the pandemic and have remained Well above pro—pandemic levels ever since. The spike in home prices and inter- est rates has had a significant impact on young home buyers, some of whom feel as though their dream of home owner— ship may never be realized. Data from the National Association of Realtors in- dicates the median age of home buyers is now significantly higher than it was two decades ago. In 2023, the median age of buyers was 49, which marked an increase of 10 years compared with the average buyer age 20 years ago. First—time home buyers may face a more challenging real estate market than they would have encountered just a half decade ago. The following three tips can help such buyers successfiilly navi- gate the market as they look to purchase their first home. I. Expect to move quickly. Inventory remains low, which means buyers are in heated competition for the few homes that are on the market. In late 2023, NAR data indicated the rate of home sales were the lowest they had been in 13 years, so buyers will likely need to move quickly and make an offer if they see a home they like, as chances are the property won’t be on the market too long before it’s sold. In fact, the NAB noted that homes spent an average of just 23 1 Open Mond‘ V ‘ [33° days on the market in October 2023. 2. Apply for mortgage preapproval. The competitive nature of the market for buyers means it’s in their best interests to arrange financing prior to beginning their home search. A mortgage preap- proval can be a competitive advantage, as it indicates to sellers that buyers won’t be denied a mortgage or lack fi— nancing after making an offer. The fi- nancial experts at NerdWallet note that buyers will be asked to provide details about their employment, income, debt 6 ~ WINTER 2024 ESTATE 8: HOME IMPROVEMENT a? .x Metro Creative and financial accounts when apply- ing for mortgage preapproval. Gather this information and clear up any is- sues, such as credit disputes or delin— quent accounts, prior to applying for preapproval. 8. Set a realistic budget and expect to offer over asking price. A financial planner and/or real estate professional can help first~time buyers determine how much they should be spending on a home. In the current market, buyers should know that they will likely need to , WOOD, GAS PELLET STOVES FlREPLACES AND INSERTS SALES, SERVICE INSTALLATIONS HOT TUBS, CHEMICALS ACCESSORIES REPLACEMENT HOT TUB COVERS STOVE HEARTH ACCESSORIES SEASONAL SALES SPECIALS BARBEQUES, KAMADOS FIREPITS 24202 N. us Hwy. 10] I Hoodspon 360-877-5200 - pay more than asking price for a home. For example, the NAB reports that 28% of homes sold for above list price in Oc— tober 2023. With that in mind, first-time buyers may do well to look for homes that are under budget in anticipation of offering more than list price after seeing a property. The real estate market remains com- petitive for buyers. First-time buyers can use three strategies to increase their chances of realizing their dream of home ownership. 360-427-3780