The Maryland housing market is known for its competitive regions. But few places are currently as hot as Frederick. Currently, the hottest market in the state, getting a home in Frederick can be tough. But with some great advice from mortgage companies in Frederick MD, you can stand a better chance of securing the home you want.
The Current Situation
The rapid growth of Frederick has made it a prime destination for new home buyers in Maryland. A rapidly-developed downtown, proximity to Baltimore and DC, as well larger plots of land than other nearby suburbs make it an attractive area to live, work, and raise a family. The pandemic surge of low-interest rates has only served to make the area more competitive. Currently, the average home only lasts on the market for 6.8 days, and is selling 61.4% above market value. Bidding wars, short buying periods, and more are making what’s already a stressful process all the more frustrating.
Steps You Can Take
There are several steps you can take to better prepare yourself for a competitive market, straight from mortgage companies in Fredrick straight to you.
Get Your Finances in Order
First, ensure all of your finances are in order. Any type of missing document, slow credit report, etc. can cause a general slowdown in the process and cause the seller to go in another direction. Efficiency is key, so ensure that you’re not shopping for homes until your finances are all in order.
Adjust Your Expectations
Remember what you’re buying for. If it’s the area, you may have to make concessions to find a home that works at your price range. Make a list of your wants, and needs. Have a discussion with your agent or partner about where you’re willing to make sacrifices and where you’re not willing to budge. Having flexibility may make you a more attractive buyer and help you score a home more easily.
Find an Outstanding Agent
Not sure how to even start navigating the market? Well, you should find an outstanding agent to help you through it. Local real estate agents will have inside knowledge of the market and will be able to take your home buying needs and steer you in the right direction. Additionally, many real estate agents have relationships with mortgage companies in Frederick MD, and will help you facilitate the loan process quickly.
Get Pre-Approved
One of the most important steps you can take is getting pre-approved. Pre-approval helps fast-track the loan approval process, having you submit the necessary documentation and allowing a mortgage broker or lender to assess your finances and estimate a loan amount. You will then be given a Pre-Approval Letter, which essentially works as a vote of confidence that you can show sellers so they know you will likely be able to afford a loan for their home.
Work With One of the Top Mortgage Companies in Frederick MD
If you want to get a great home at a great rate, Federal Hill Mortgage is here for you. Our team works to help families throughout Frederick finance their dream homes. With an expert team and lightning-quick results, we can help you stay ahead in a competitive market. Apply today to get started.
