Three Things Buyers Can Do in Today’s Housing Market

 If you’re a buyer looking to buy a home, it can be tempting to think that the only way to do so is by finding the perfect house, in your ideal neighbourhood and at an affordable price by hiring Real Estate Agents East Keilor.

But with buyer demand rising and inventory shrinking, you may need to get creative when it comes to your search.

Here are three ways buyers can help their chances of getting into their next home:

Expand Your Search Area and Criteria

If you're having a hard time finding homes that meet your criteria, consider expanding your search area and altering the scope of the house itself.

There are plenty of houses that are more affordable than the ones currently on the market, and they might be located in areas you wouldn't have looked at before.

For example, if you've been looking exclusively in neighbourhoods with lots of amenities and good schools, think about whether there are other places that could work just as well or better for less money.

But don't forget to also look within those neighbourhoods—you may find some gems right under your nose!

Explore Alternative Financing Options

• Conventional Loans: These are mortgages that the government does not back. They can be either fixed-rate or variable rate, and they require a down payment of at least 3% from you.
• Government-Backed Mortgages: They require less money up front than conventional mortgages, requiring no down payment at all!

Look for Grants, Gift Funds, and Down Payment Assistance

To find a grant, you can use Real Estate Agents East Keilor searchable database of government grants. You'll find many programs that help with everything from home buying to moving costs to paying for college tuition.

If you want to find a grant that's specific to home buying, check out their page on grants for first-time home buyers. You can also find a list of government agencies that offer down payment assistance programs.

Conclusion

If you're thinking about buying a home or have recently tried, that's a significant increase in your monthly mortgage payment - and it may be causing you to put your plans on hold. This increase makes homes less affordable, particularly when compared to the previous two years, when mortgage rates were at historic lows.

The good news is that you can navigate today's housing market and rising interest rate environment by following a few simple guidelines by your Real Estate Agents East Keilor.

The market is changing, and so should you. The housing market is more competitive than ever before, but it’s also more accessible for buyers. With the above useful tips in mind, you can help ensure your next home purchase stays within budget and on-track!