It’s safe to say that the home buying landscape in 2021 won’t look anything like it did in normal times over the past few years. First of all, we’re still dealing with the COVID-19 pandemic. So, instead of open houses throughout numerous Stockton neighborhoods, you’ll need to search home listings online and watch virtual home tours. However, that’s not all. The central California housing market has tightened considerably and home inventories are at all-time lows for the most part.
Finding the Right House
This means finding the right home for you and your family may involve a bit of a struggle when searching for one that your budget can accommodate. If you plan on buying this year, here are some helpful tips to consider:
Be prepared for bidding wars – when housing inventories are limited, this typically means that there are a number of people interested in the same property. This is often the perfect setting for a bidding war. While bidding wars are advantageous for the seller (someone will usually offer more than the asking price), this is the last thing you want to see as a buyer.
Don’t try to rush the process – due to historic low interest rates, people are overly eager to purchase a home. However, this doesn’t mean that you need to rush things and find a home right now. Interest rates will likely remain low through the 1st quarter of 2021 and into the second. Slow down, take a deep breath, and find that one home that is ideal for you and your family before making a move. Just because housing is in short supply, it doesn’t mean that you have to settle for less than what you need.
Know your financial limits – taking on too high of a mortgage could backfire on you and cause to become delinquent on other bills and push you further into debt. Once you determine how much you need to borrow, crunch the numbers using the FREE home purchase qualifier on our home page.
Pay attention to property taxes – in addition to the principal and interest rate on your home loan, you also have to contend with property taxes. Be sure that you know how much you’ll be on the hook for with the homes you’re looking at. You should also look at each home’s property tax history. This will tell you about any increases in the past.
Home Buying in Stockton with H.O.M.E Lending
We understand how difficult the situation can be when you are trying to buy a house on your own. We are here to help you make the process simpler. For more information about purchasing a home in 2021, call H.O.M.E. Lending today at (209) 477-0262 or if you prefer, visit our website.