Spring is often a busy time in the real estate market, as we all know. The Raymore, Missouri real estate market, on the other hand, has seen something new this year. For obvious reasons, the spring housing market slowed down. We’re already witnessing a considerably busier summer market in Cass county, MO, thanks to a 40% drop in local house inventory in May compared to last year’s same month. It’s a good idea for homebuyers in the Raymore region to be aware of certain market shifts occurring right now to be better prepared when it comes time to purchase a property shortly.
Because of the coronavirus and the COVID-19 outbreak, the real estate market has shifted significantly, especially for those looking to purchase a property in autumn. Still, a lot hasn’t changed; it’s just that some of the priorities have. Then, what should you do to prepare for that autumn house purchase? So, here are six things you can do right now to get yourself ready to purchase a property this autumn.
1. Recognize the Shifts
The first step in preparing to buy a home this fall is to familiarize yourself with the COVID-19 changes in the housing market. The home-buying environment has undergone major changes, including:
- Increasing standards for obtaining a loan
- Increasing the amount of money that must be put down
- Some lenders are taking longer to approve mortgages than usual.
- More and more sellers are pulling their properties off the market.
- More and more people are delaying the purchase of a home.
For homebuyers, this has both benefits and cons. Find out what’s going on in your neighborhood by contacting your local agent. (You may reach us at (816) 695-7352.)
2. Check Your Credit Score and Improve It.
For many purchasers, credit-score requirements are rising. Checking your credit score is a good first step in getting ready to purchase a property in Raymore this autumn. Doing this now will give you time to improve your score before fall (if it is lower than it needs to be).
In addition to increasing your chances of acquiring a mortgage, improving your credit score may earn you better prices and conditions. A person’s interest rate, monthly payment, and total debt are all affected by their credit score.
3. Set a Budget for Purchasing a Home
Get prepared, which involves getting your ducks in a row to make purchasing a home this autumn more attainable. In most cases, this entails first figuring out how much you can afford to spend on a home, followed by creating a spending plan. Now since the economy is uncertain, such budgeting becomes even more critical.
When budgeting for your new home, keep in mind that the purchase price and/or mortgage payments are not all you’ll need to consider. There is a slew of additional expenses related to homeownership, such as:
- Homeowner’s insurance
- Inheritance taxes
- Private mortgage insurance
- HOA charges
- The expense of maintaining a property
Make careful to account for unanticipated repairs and emergencies in your budget.
4. Invest in a Downpayment Fund
Many individuals who want to purchase a home in the autumn face the biggest obstacle in a hefty down payment, which is expected to become even greater. So, it’s time to start putting money aside.
Paying off your debt faster can save you money in the long run by reducing the amount you have to borrow and the amount of interest you pay. Paying at least 20% of the purchase price eliminates the need for private mortgage insurance, which may save you money in the long run.
5. Shop for a Mortgage and Get Pre-Approved Before You Apply
You should shop around for a mortgage more than ever since lending criteria are becoming stricter. If you plan to purchase a home in the autumn, do it now! To discover the best mortgage for your specific requirements, you should shop for lenders and mortgages.
Get pre-approved for a loan before you begin home searching in the autumn. It’s a good idea to be pre-approved for a mortgage before making an offer on a property since it helps you determine your budget.
6. Get in Touch with a Reputable Local Raymore Real Estate Agent
If you’re planning on buying a property in Raymore this autumn, your best bet may be to contact a knowledgeable local realtor as soon as possible. A real estate agent may save you time and money by helping you discover your ideal property and negotiating with the seller on your behalf,” say experts.
However, you should ensure that your realtor is well-versed in the area where you want to purchase a home and has previous expertise in that market. Because this is the reason: When it comes to finding a house, a real estate expert can tell you whether your budget is reasonable or not based on the qualities you want in it.” They may also assist you in selecting a property by pointing you to other locations in your ideal neighborhood or other factors.” With your agent, you’ll have access to a wide range of skilled specialists, including home inspectors and appraisers and builders and title businesses.
You need to be prepared for the shifting environment of the real estate market this autumn. Because the autumn housing market in Raymore and the neighboring Cass and Jackson Counties are expected to be busy, it’s crucial to begin searching for an experienced Raymore Realtor that understands the region, including Belton and Lees Summit. A knowledgeable Raymore, MO real estate agent is always a wonderful person to have on your team.