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3 Reasons Why You Need to Get Pre-Approved in Today’s Tri-Cities Housing Market

By in Buyers with 0 Comments

In a market that’s as competitive as the Tri-Cities, pre-approval is a must for anyone hoping to buy a home. But there are still a lot of buyers who are trying to buy their dream home without being pre-approved, and they’re striking out.

According to a recent survey from realtor.com, more than half of buyers across the country are skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

Here are three reasons why buyers should get pre-approved before you even start to look at homes.

1.) Know Your Price Range

When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. Trust me, I’ve seen it happen too many times — and every other real estate agent has, too.

So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

2.) Show Sellers That You’re Serious and Ready to Buy

The pre-approval letter shows sellers that you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

With limited inventory like we have now in the Tri-Cities, there are more buyers than sellers, and that’s fueling the competition. Bidding wars are heating up, meaning your offer needs to be as strong as possible in order to compete with other buyers’ offers.

Pre-approval shows homeowners that you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, that’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

3.) Have a Qualified Lending Pro on Your Side

Today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Final Thoughts

It’s tough being a homebuyer right now in the Tri-Cities. Inventory is low. Prices are rising. And bidding wars are common. If you’re buying, you need to be able to move quickly to get the home you want. To that end, a pre-approval letter can be a game-changer — it shows that you’re serious and ready to buy right now. And that’s necessary for your offer to compete and win that house you love.

If you have any questions about getting pre-approved, drop us a note below. We’ll ask a few questions and connect you with the right lender for your situation.

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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