My family has grown with the addition of a puppy. Now for those of you who have ever raised a dog from puppyhood, you understand that there is that period where you have to learn what distracts your puppy. Let’s face it, without distractions, you cannot get anything done around the house. I found that the Kong Blitz is our friend, because it keeps him busy while we make dinner.
Distractions are effective in other areas of life, but can also keep you from pursuing your goals. For instance, if you planned on purchasing a home in the Colorado Springs area in the next year or so, you might be distracted by reports of rising interest rates. Perhaps there are concerns about what you can afford in light of this development.
In my previous blog, The Impact of Rising Interest Rates, I pointed out the reality of these interest rate increases in terms of your monthly payment. It can be a distraction that keeps you from moving forward with your home search, when in reality, the amount of the increase may be minor. With a recent state study demonstrating that the Pentagon pumps over $18 billion annually into the El Paso County economy, buying a home here means investing in a healthy economy with rising home values.
What are some other distractions that could keep you from moving forward in your home search? You might believe that the housing market inventory is so tight that you are going to get into a bidding war. It is true that due to the impact of our military bases here in Colorado, housing inventory may be tighter in some areas than others. However, there are things you can do to improve your odds if you find yourself in a multiple offer situation.
One method is to have a pre-approval completed prior to placing an offer. Other offers might be based on receiving financing, but with a pre-approval, that financing question is already answered. Sellers find those offers are much stronger because the likelihood of reaching closing is significantly greater. At Elevation Mortgage, we provide the option of having your mortgage approved prior to putting in an offer, which is even stronger than a pre-approval.
Clearly, there are ways to give yourself an advantage in today’s housing market, while at the same time, avoiding distractions that could keep you from taking the leap into home ownership. Contact us to discuss your options and how we can help you overcome any distractions in your quest for home ownership.