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With Values on the Rise, Pre-Approval is Wise

There's good news for homeowners, as home values are reaching their highest levels since the 2008 recession. According to figures from the National Association of REALTORS®, prices are up 3.2 percent year over year in the northeast, over 12 percent in the west and nearly 7 percent in the south.

The losses from the recession have already been, or are close to being erased in nearly 20 percent of metro housing markets studied by Zillow. Researchers there say prices in more than 1,000 U.S. cities could see their highest home values than ever within the next year.

A main reason behind the higher home values nationwide is the lack of available inventory for homebuyers. As home builders are slowly getting back to speed with filing building permits for new home construction, many prospective homebuyers are clamoring for the properties currently available in their respective markets. In economic terms, the overwhelming demand for the limited supply is driving up prices.

Prospective homebuyers should be preparing themselves to be as competitive as possible when making purchase offers during the busy spring and summer buying seasons. Being flexible with closing dates and negotiation terms, and ensuring that they have solid loan pre-approvals will help weed them out from the crowds of less serious and less qualified buyers. Speaking with a loan originator beforehand will also nail down the exact home purchase price that homebuyers will be comfortable with when it comes to making monthly home loan payments. Securing a seasoned real estate professional to assist in the search and buying process is also likely to make the process more efficient.

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1st Mariner Bank - NMLS: 408251
3301 Boston Street
Baltimore, Maryland 21224
Phone: (888) 561-2265
Email: info@1stmarinerbank.com

 

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Certain restrictions apply. Loan approval subject to borrower qualification, completion of application and verification of homeownership. Rates and programs are subject to change without notice. Satisfaction of credit qualifications and occupancy. Loan pricing can only be locked through a home mortgage consultant. This collateral piece is provided as a convenience, does not serve as a substitute for a borrower's actual loan documents, and is not a commitment to lend. Borrowers should become fully informed by reviewing all of the loan and disclosure documentation provided. While we believe these products could be beneficial to you, there may be other mortgage products we can offer you for which you may qualify. We would also be happy to discuss those options with you. For more helpful information about residential mortgage products, please visit http://www.1stmarinerbank.com/loanoptions.