2 Ways Homebuyers Can Secure Their Dream Home in a Competitive Market

Covid-19, wildfires, and the looming election haven’t slowed down the Central Valley’s housing market as desirable homes are often selling within days, with multiple offers. Many factors contribute to this hot market including transplants from the Bay Area and Southern California moving to escape a higher cost of living, coupled with a low supply of new construction and rock bottom interest rates making thisa true seller’s market.

So where does that leave valley-native buyers? While the market is competitive, there are still opportunities to secure your dream home. Read on to learn about 2 ways to give yourself the best chance in a sellers’ market.

1. Preparation. Preparation. Preparation.

Being prepared is critical in a seller’s market. One way to do achieve this, especially for first time home buyers that haven’t gone through the process before or plan to secure a loan, is to absolutely not wait until escrow to have your loan approved and ready to be funded. Buyers who have pre-secured their home loan are more likely to be chosen as the buyer. It allows the buyer to shorten the escrow period, which adds flexibility to the purchase process and enables buyers to maximize their buying power.

2. Select the Right Lender

Finding the right financial partner that’s reputable in the market is the first step to success. At Mid Valley Financial we’ve spent thirty five years building our reputation as a fair and trustworthy lender in the Central Valley. We’ve worked with our clients to build out flexible lending options that fit their needs. Our clients come in all shapes and sizes, for example, if you’re a small business owner with write offs, we provide a bank statement option for proving income.

1. Local lenders typically have access to more local vendors to help you with the new home
process (contractors, painters, etc.).
2. Set a budget. Going through the loan process, prior to finding your future home, will help you set a realistic budget based on what you can borrow and how much you need to have on hand for your down payment.
3. Have your financial information organized and ready to go. This can include:
a. Three years of tax returns
b. Bank statements

A motivated buyer should anticipate the buying process prior to finding their perspective home. This will give them an edge over other non-prepared buyers and help them focus on making their new house a home.

About Mid Valley
Mid Valley Financial is the Central Valley’s premier mortgage lender that specializes in residential, commercial, constructions and Ag loans. We pride ourselves on offering some of the lowest rates and making the loan process fast, simple, and straightforward for borrowers seeking an inexpensive mortgage in California. Whether you are a first-time buyer, purchasing your dream property, refinancing an outstanding loan, or consolidating debt, our highly experienced loan officers can help you take the first step toward a financial solution.

As California’s leading mortgage company, we alleviate the typically drawn-out loan process by pre-approving borrowers within one hour! Our goal at Mid Valley Financial is not only to provide our clients with the best loan options and lowest mortgage rates, but also to create meaningful relationships our clients will trust for many years to come.

Broker CA DRE#01206057 – Broker NMLS ID#219418