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Today’s market of fluctuating home prices, interest rates, and a lack of home inventory can make anyone’s head spin. If you are currently attending university and looking to get into the market, it can be tough to figure out how to enter it. Should a buyer wait to purchase property, or is it the best time right now? Here’s what Andrew Shader advises clients to consider when buying a new home:

1. Understand What You Want

Searching for a new property won’t work unless you know what you want. Sit down and make a list of attributes you want your future home to have. Decide on locations or neighborhoods you are willing to live in, the number of bedrooms you need, the size of the property you are looking to obtain, and any amenities you want your new home to have.

2. Know What You Can Afford

Develop a reasonable monthly budget that you can live with. In that budget, determine how much you are willing to pay towards a monthly mortgage. It’s tempting to list the largest amount you can afford, but realize that things may come up that reduce the amount you can spend on your monthly mortgage. It’s wise to be conservative when deciding on payments you will be comfortable with, now and in the future.

3. Get Pre-Approved by a Lender

A pre-approval letter from a lender shows real estate agents that you are serious about buying a new place. As a result, they will be more likely to engage with you and let you know as homes become available that fit your specifications. While the pre-approval letter is not a guarantee of a loan, it does state how much your lender is willing to lend you.

4. Act Quickly in Today’s Market

Interest rates and housing prices are expected to increase in 2022. While the inventory of available homes to purchase was scarce in 2021, it’s predicted to expand significantly in the coming months.

To take advantage of the current market, you should have all of your ducks in a row and be willing to strike if you see a property that fits your criteria. However, waiting for the perfect home can cost you additional money in interest and a loss of purchasing power. Thus, buyers willing to act quickly will see the biggest advantage.

About Andrew Shader

Andrew Shader is a real estate investor, developer, and entrepreneur based out of Fort Lauderdale. Shader started as an entrepreneur in the insurance industry before discovering his

real estate passion: finding scalability in any vertical. Andrew’s real estate strategy specializes in finding value-added properties and increasing their property value by upwards of 60% — without needing to rely on future appreciation.