October 2017 NAR Home Sales Index
NAR has released the Home Sales Index for October 2017 which can be found here.
The basic highlights are that home sales, though all but the south are down year over year, are strong. The relative strength of southern housing markets is attributed, at least in part, to recovery from natural disasters earlier in the year.
While these numbers are good news for sellers, buyers are finding themselves consistently frustrated. Lawerence Yun, NAR’s cheif economist summed it up pretty well here:
“Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market.”
For buyers in Fort Worth, the best thing you can do is be prepared to make an offer fast when you find the home you want. The biggest impediment to making a quick offer is not having pre-qualification from a lender. If you’re not sure where to start, a bank where you already have an account is a good place. You can usually get home lending information very easily through your banks website or with a call or visit to your local branch. If you don’t want to use your bank, there are many mortgage lenders out there that can give you a pre-qualification right over the phone.
Talking with a lender will help you get an idea of what amount they will lend you and also what you can afford (they generally aren’t the same). If you get Pre-qualified before you start looking, you will be able to search more efficiently, and if you’ve talked to anyone actively searching in Fort Worth, every minute counts. Pre-qualification will take between 15 minutes and a half hour, which really is not that long. Though it is a simple step, it can be the difference between putting in your offer first and the house you want going under contract before you can make your offer. The housing market is that crazy right now.
If you are actively searching for a home in the Fort Worth market, make sure you’ve taken a minute to check in with your bank or a reputable mortgage lender. If you need help finding a lender or have other questions about the home buying or selling process, I’d love to answer any questions you have. Feel free to send them to me at email@example.com