After house searching, negotiating on price and signing a purchase agreement, soon-to-be new homeowners in Connecticut may think everything is smooth sailing once closing day arrives. However, there are certain issues that may arise and cause problems with the final closing. Potential owners should be aware of some of the common issues so they are not taken by surprise or can even prevent them from occurring.
Last year the media warned consumers to reconsider purchasing a home in 2019. Predictions included that higher interest rates and the increased prices of homes would make it unaffordable. Ironically, for these exact reasons, homes may actually become more affordable throughout the rest of the year.
Connecticut and other New England states have a reputation for a higher cost of living. Much of this is tied to the cost of housing. Even so, there are affordable houses on the market, though they are now decreasing in supply compared to expensive homes.
Both a business and home burglary in Connecticut comes with financial and emotional hardships that can be difficult to recover from. In a home burglary, the homeowner may feel violated and mourn the loss of items of sentimental values for a lifetime. Meanwhile, in a business burglary, entrepreneurs see their life’s work disappear before their very eyes.
Investing in Connecticut real estate is a great way to make money as a landlord or through flipping houses. However, recent developments in the market may threaten this. As real estate prices continue to climb, buyers are stepping back from the market. High interest rates further put these homes out of a buyer’s reach. For people who may buy cash via a short sale, this may be a great time to beat the competition. For everyone else, the situation may be more unfavorable.
When shopping for a home in Connecticut, some buyers may hear that they need to be pre-qualified or pre-approved and think they are the same thing. However, according to Realtor.com, this is not the case at all. Being pre-qualified is actually an initial step before seeking pre-approval for a mortgage loan. Completing both processes will leave you in a better position to buy your next home.