The Importance of Getting Pre-Approved

Across the United States, the amount of buyers are outweighing the amount of homes available on the market. While South Lake Tahoe real estate is slowly inching its way out of a seller’s market (we are still in one though!) and Tahoe Keys real estate is in a buyer’s market, knowing how much you can spend on homes for sale in Tahoe Keys is necessary. In fact, it is the number one thing to do to get your home buying search started. For a few reasons too! Let’s look at the various reasons getting pre-approved is important.

It tells you, and your Tahoe Keys realtor, what you can afford to spend. This helps narrow down the listings they send you and what to keep an eye out for on the market. Keep in mind, us realtors also have pocket listings, which are basically Tahoe Keys homes for sale that aren’t publicly listed and shared via word of mouth. When you know how much you are approved for, your realtor in Tahoe Keys can work more efficiently for you.

It gets you into homes for sale in Tahoe Keys faster. Sellers want someone who is serious, so if you are pre-approved and make an offer at the same time as someone who is not, chances are they will choose yours first. Knowing your approval amount tells people you are serious and ready to move.

You won’t waste your time looking at homes for sale in Tahoe Keys that don’t match your criteria. When  market is competitive, time is of the essence, which means, you have to move quickly. When you are already approved, you know you can make an offer quickly which prevents you from losing out in the home you have been dreaming about.

Freddie Mac breaks down what they call the 4 Cs’. These aspects determine what you are qualified to borrow.

  • Capacity: Your current and future ability to make your payments
  • Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  • Collateral: The home, or type of home, that you would like to purchase
  • Credit: Your history of paying bills and other debts on time

For more information on buying Tahoe Keys real estate, feel free to reach out. I have been a Tahoe Keys realtor for many years and have plenty of experience that my buyers and sellers find useful in their real estate goals.

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