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Roseville Home Buyers' Market Status
As many Roseville home buyers and sellers know, our greater Sacramento Valley area, including Roseville, is in the midst of a seller's market!
The majority of Roseville homes – including the less-expensive entry homes that first time home buyers are looking hard for – are in high demand and selling quickly! There are many more buyers than sellers at the moment!
Sellers' Market Across the Country
In fact, this is the case in many real estate markets across the country. Consistently I hear from other REALTORS that the number of home buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out here in Roseville and the Greater Sacramento Valley and beyond.
Tips for Roseville Home Buyers
One way to show you are serious about buying your Roseville CA dream home is make your first step that of getting pre-approved for a mortgage before starting your search. Even those Roseville home buyers house-hunting in an area that is not as competitive are wise to do this. Knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac Tips for Roseville Buyers
Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much Roseville home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local Roseville real estate professional is that we have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
- Capacity: Your current and future ability to make your payments
- Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
- Collateral: The home, or type of home, that you would like to purchase
- Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show Roseville home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Bottom Line For Roseville Home Buyers
Many potential Roseville home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.
Kaye
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