Here’s how a pre-approval letter can make things easier for today’s buyers.
I’m joined today by Jean Diaz from Movement Mortgage, and together we’ll be going over the latest changes we’ve seen in the Des Moines real estate market.
First of all, there are still a lot more buyers than sellers in the market, making it extremely difficult to find homes. One statistic said that currently, there are about five buyers for every one seller. Interest rates remain at historically low numbers, however, so homes are affordable for those who can secure a property. We’re still in the low 3% range, which is much lower than the 10-year average of around 8%. We expect that market volatility will continue throughout the rest of the year.
Since demand is so high, getting pre-approved for a loan is a top priority if you’re buying in this market. In multiple-offer situations, sellers will want to go with buyers who can prove their payment capabilities. There’s simply not enough time to look at a home, go to the lender to get approved, and return with an offer. You want to be able to make an offer on your dream home as soon as you find it.
Lenders at Movement Mortgage do all of the verification up front, so by the time a buyer finds a property, the pre-approval is fully underwritten. This provides a lot of peace of mind, as it means that there will likely not be any issues later on in the process.
I’d like to thank Jean for his helpful insight into what buyers should do in today’s market. If you have any questions or would like recommendations when searching for a home to buy, feel free to reach out to us. We look forward to hearing from you soon.