In Flower Mound – and throughout Texas and even the United States – the housing market is flourishing. The supply can’t keep up with demand. And while this may be good for sellers, it’s not so great for buyers.
When you’re ready to buy a home, you can just count on there being lots of competition for Flower Mound area homes you are interested in, particularly if you are a first time buyer, buying at a more modest price point. While you can’t win them all, having the right Flower Mound realtor – and your pre-approval letter in hand – will put you well on your way to quick success in a hot market. Here’s why –
Narrows the Search
A pre-approval letter helps you zero in on exactly what you can afford so that you don’t waste time looking at properties that don’t meet your criteria. You may be thinking you can only qualify for X amount, but the actual amount you can afford is higher. While the gap might be small, it might be enough to make you miss out on finding your dream home. And at the same time, you wouldn’t want to spend time looking at homes – finding one you love – only to find out it is out of your price range.
Tailored Expertise from your Realtor
With a pre-approval letter in hand, your realtor can tailor the house search specifically to you. The pre-approval letter tells your realtor, “I’m serious and I’m ready to find a home now.” This level of commitment on your part will fuel commitment on the part of your realtor because he or she can find homes that are within your budget, all while knowing your loan is likely to go through.
Buyers Like Pre-Approvals
Again, pre-approval letters show that you are a serious buyer. In a competitive market, you wouldn’t want to lose your dream home because the buyer saw you as a risky offer.
Confidence Throughout the Home Buying Process
Bottom Line: a pre-approval letter is just that, a piece of paper. But taking the simple step forward to get a pre-approval and understand exactly what you can afford gives you the confidence to be in control of the process because you’ve shown that you are serious and ready to make a deal.
Not sure where to start with getting a pre-approval letter? Do not go out and start filling out any online applications! Start by calling Jeff Brand & Associates and let our team put you in touch with loan officers we trust, who have expertise and your interest in mind.