Buying a Home in a Seller’s Market

Good Day NWA

June is National Homebuyers’ Month. Here to talk to us about some tips to navigate the current real estate market is Rich Allensworth, loan officer at Rock Mortgage Lending.

According to recent reports, we’re in a seller’s market. What does that mean for someone who would like to purchase a home?

  • More people buying than houses for sale.
  • More competition, sellers might field multiple offers.
  • Houses are selling for above asking price.

What are your tips for homebuyers in this climate?

  • Be prepared to move quickly.
  • Don’t get emotionally attached to a home you see on the market. It could be sold to someone else.
  • Do your homework. That means talking to a lender and getting prequalified

If the market is hot, does that mean prospective homebuyers should wait?

  • Your financial situation
  • Your long-term housing and financial goals
  • The state of the housing market
  • What loan products are you eligible for?

What should they be prepared to discuss?

  • First question: How much of a down payment and a monthly payment can you pay?
  • The lender will help figure in principal plus interest, taxes and insurance to get a true picture of cost

For more information, visit ​www.rockmortgagelending.com​ or call 479.321.3355.

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