Buyer demand outstripping number of homes on the market
Photo by Emre Can from Pexels
A study has found that the number of people looking to buy a home is far exceeding the number of properties available on the market. The result? A significant increase in house prices as housing becomes a less scarcely available asset and commodity. Right now, first time buyers are often having to settle on less desirable properties in second choice areas, or with less space or benefits such as gardens, in a bid to get on the housing ladder. This, of course, can be disheartening for many. Saving a house deposit is a long and drawn out process that requires sacrifices and minimal living. To finally gather this required amount, only to find that the housing you desired isn’t actually available, can be disappointing. However, it’s important to bear in mind that there are some houses out there and there are steps that you can take to get your hands on their keys. Here are some steps to consider to get the ball rolling.
Consult a mortgage advisor
As house prices rise, it’s important to reassess your options and determine exactly what type of property you’ll be looking at with your given salary and disposable income. A great person to help you with this is a professional mortgage advisor or mortgage advice company, like trufe. These specialists will have an up to date knowledge of the industry, what’s going on and what exactly you can expect throughout your mortgage application process. They’ll know roughly what size loan you’re likely to be approved on, allowing you to make more informed decisions when browsing the housing market and arranging viewings.
Consult an estate agent
When you’re ready to get the buying process started, it’s also a good idea to consult an estate agent. They’ll have an in depth knowledge of house prices in the area you’re looking at and will be able to advise you on what you can do to get the most for your money. They can arrange viewings and give recommendations. On top of this, once you do find somewhere that you’re interested in, they can get the ball rolling in the right direction towards a sale.
Have patience
Buying a house is inevitably going to be a long and drawn out process. There are so many steps to go through – and that’s once you’ve found a few properties that you’re genuinely interested in buying! What’s key is to have patience and keep your chin up. If you’re bought out of a potential deal by someone with a larger mortgage and income, try not to be disheartened. The market may not be particularly fair right now, but you will eventually find a home that ticks all of your boxes and that you will be extremely happy in!
Sure, the housing market may be pretty tough at the moment. But it is possible to buy a home. Hopefully, some of the above information has helped to make you feel a little more optimistic about the entire venture.
