Current Housing Trends for 2016

If you are looking at homes for sale in Kansas City, then you know a lot of thought goes into finding the perfect one. Regardless if you are looking to buy simply for investing, knowing the current trends in housing always helps put you at an advantage. Here is a look at some of the current housing trends for 2016 you need to be aware of.

Real Estate: The Latest Trends in Outdoor Living

Anyone who has looked at real estate knows the inside of the house is not the only thing people check out. The yard, both front and especially the back, are key factors in the home-buying process. Here is a look at some of the current trends in outdoor living to look out for when searching for a home.

Tips on How to Get a Better Mortgage Rate on Homes for Sale

When you qualify for a lower interest rate, you'll pay less in interest over the course of your home loan. Depending on your credit score, you may qualify for a rate below 5% or closer to 20%. Though you may think all lenders will offer you the same rate, each lender uses different conditions to determine the rate you pay. That is why you should shop around and find out how you can get a better mortgage rate.

Investing in a New Home by Purchasing Real Estate Up for Short Sale

After a few years of slumping, the real estate market is back in full swing. There are many great values available, especially for first-time home buyers or people who are looking for an investment home to purchase and then rent out for a side stream of income. One great way to get a good value on a home purchase is to buy a home that is up for short sale. An experienced real estate agent, such as one from T.J. Lamb Real Estate, can help you to find and invest in one of these affordable properties.

Top 3 Trends to Influence the Real Estate Market in 2016

The outlook for growth in the 2016 housing market is already dismal, and the year is merely starting. As oil prices crash and stocks tumble with it, economists are becoming concerned about the outcome of this year. Building on several consecutive years of positive performances, the overall real estate market is expecting the next year to be a jolly good one.

The Importance of Mortgage Preapproval in Buying Homes for Sale

Prior to beginning the process of shopping for a home, you should make sure that you have the money to purchase the home that you want. This means that you should talk to a lender about getting pre-approved for a home loan. There are two good reasons why you would want to do this.

First, you know how much you can afford to spend, which narrows down your search criteria.

Second, you can show future sellers that you are serious about any offer that you put in on a home. In some cases, homes for sale will get more than one offer, which means that any that are thought to be frivolous will not be considered.

By getting pre-approved or at least pre-qualified, the seller knows that there is a good chance that the transaction can be completed.

It is important to note that just because you have pre-qualified or pre-approved for a mortgage does not mean that you have been given a loan. It just means that your current financial situation more likely than not meets the criteria to get a loan. Once an offer has been put on the home, the mortgage underwriting process begins that will hopefully lead to a loan.

Getting a pre-approval letter also comes in handy if you are applying for a specialized loan like an FHA or USDA loan. As sellers may be wary about selling to first-time buyers, they know that you can get financing even if you don't have a down payment. Furthermore, those who don't want to provide sellers concessions may be more likely to sell to those who can buy the property without them.

Sources:

How and Why to Get Preapproved for a Mortgage, dummies.com How a mortgage preapproval helps you, Bankrate.com