GREENSBORO, N.C. — If you've been priced out of this red-hot housing market, there's finally some good news. There are signs the market is starting to cool down.
In the last six months, homes in Greensboro and in neighborhoods across the Triad have been selling faster than ever. At the peak of the housing crunch, a home would receive at least 10 offers within two days of being listed. The seller's market forced buyers to pay tens of thousands above the asking price, some panicked buyers also waived home inspections and other contingencies to guarantee their offer was accepted.
Real estate expert, Ashauna Harris said the housing rush cannot be blamed on just one thing. You can attribute it to the pandemic, the increase in housing demand, or the shortage of homes available. The record-low housing rates also sparked interest and helped flood the market with buyers. But there are new signs the housing market is starting to cool.
New numbers show fewer buyers are applying for mortgages and price growth is slowing down.
Money expert Ja'net Adams is providing more insight and offers ways to make it work for you.
"Housing has been hot for over a year! So hot there were people buying houses without seeing them in person. The housing market was so out of control that it started to price out regular buyers. Now the housing market is starting to cool off and heading back towards normal," said Adams, who wrote the book The Money Attractor.
Adams shares three things you should be doing if you're looking to buy a home.
1. Money Is King:
"Having a down payment for a house could help you be in a better position when you find the house you want to buy. During this past year, those with the most money won the bidding wars and although the market is going back to normal you still need to come to the table with your best down payment. I suggest a 20% down payment and if you don't have any money saved yet you should get started today," said Adams.
2. Be Flexible
"Buying a house is the biggest investment you will make in your life, but that doesn't mean that you have to be unmovable. It is okay to have preferences when it comes to the type of home you want, but if you want to buy a house in the next year you need to be willing to be flexible in your choices because the supply of houses is low," said Adams.
Conversely, if you are not ready to buy for two years or more, Adams said you can afford to be picky to get the perfect house that meets all of your wants and needs.
3. Get Professional Help
"If you don't know real estate like the back of your hand then you need to get some help. Before you start looking for a home, reach out to a real estate agent that knows the area that you want to live in. A real estate agent can save you time and money," said Adams.
The best thing you can do is to prepare now, especially if you buy a house in the next year or two.
"Don't wait until you find the perfect house because by that time it will be too late."